Colliers International completes sale of 1,114-Unit portfolio
The Cooke Multifamily Team at Colliers International in Greater Phoenix recently completed the sale of the 1,114-unit, AZ 3 multifamily portfolio in Phoenix. The value-added properties total 989,463 square feet and combined acreage of 44.56.
The size of this Class A and Class B+ portfolio attracted attention from investors around the world. The deal was awarded to an affiliate of BHE Acquisitions, LLC of Des Moines, Iowa by Bascom Arizona Ventures of Scottsdale. The portfolio included:
Estates on Maryland
1802 W. Maryland Ave., Phoenix
445 S. Dobson Road, Mesa
Pointe at the Foothills
4424 E. Baseline Road, Phoenix
Cindy Cooke, senior executive vice president and Brad Cooke, senior vice president of Colliers International, served as the brokers for the seller. The buyer was self-represented.
“The seller had recently completed major renovations and was achieving significant income growth which continued throughout the transaction,” said Cindy Cooke, adding, “It will be exciting to see the plans executed by the buyer. They have a vision to further enhance the renovations and complete the interior upgrades.”
Colliers Cooke Team was hired by Bascom Arizona Ventures of Scottsdale due to its strong track record of closing portfolios. The team provided attentive support to the buyer and seller to ensure they were well informed and received exceptional service and delivery of world-class expertise. This combined with the strategic navigation of skills allowed a team approach between all parties for a seamless transaction.
“The execution of this transaction was flawless on both the seller and the buyer side—it was an honor and a pleasure working with both of them,” added Brad Cooke.