Colliers International in Greater Phoenix recently completed the $13.25 million sale of 150,000 square feet of buildings located on 4.4-acres of property in Phoenix. The property will be razed and a new upscale multifamily community constructed on the land.
Kaplan Acquisitions LLC of Scottsdale purchased the property, located at 4602 N. 24th St.
Colliers International brokered the off market transaction in less than nine months. Kim Soulé, vice president, represented the seller. Fennemore Craig, P.C., a leading Mountain West law firm for business with an office in Phoenix served as the seller’s legal counsel. Jerry Tenge, senior vice president, represented Kaplan Acquisitions.
Kaplan Acquisitions, a division of the M. Kaplan Companies in Houston, plans to demolish the existing buildings and begin construction on the District at Biltmore project before the end of the month. The community will include 227-units in a four-story building with an attached parking garage and resort-like amenities. The one- and two-bedroom units will range in size from 600 to 1,475 square feet. First occupancy is anticipated in early 2017.
“Unit amenities include many new items for the Biltmore area, including 12-foot ceilings on all first floor apartments, a pet spa for animal grooming, bicycle storage and repair station, fenced dog park and observation deck,” said Tenge.
“This was a very emotional transaction for the seller as it owned the property since the 1940s and served the community through its operations there for over 50 years. Unfortunately, the increasing costs to maintain the services and building were too cost prohibitive to keep it going,” said Soule’.