Colliers International in Greater Phoenix recently completed the sale of the 436-unit Carleton Club Apartments, a Class B complex in Phoenix, for $22.25 million.
Phoenix-based Bruckal Developments Inc. purchased the complex located at 17425 N. 19th Ave., completed in 1984. The buyer has plans for major renovations in the near future.
Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix, and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The Cooke Multifamily Investments team has represented the seller in more than 20 transactions since 2010.
The buyer was self-represented.
“We overcame the challenge of a submarket in the beginning stages of recovery by personally contacting our key relationships and using our extensive databases to strategically seek investors who typically look for value-add properties in recovering markets,” Cindy Cooke said.
The Cooke team has maintained a strong track record of closing 97 percent of their listings over the last 30 years.