Cooper, Cardinal and Company LLC, a boutique multi- family investment brokerage firm with headquarters in Phoenix, Arizona, represented the Seller in the sale of McLellan Apartments, an 8-unit turn-key multi-family community located in Phoenix. The sale price of $525,000 equates to $65,625 per unit or $93.21 per square foot.
Jack A. Cardinal, a Managing Director of the firm, and Jennifer Runyon, an Investment Associate, represented the buyer in the transaction. “The asset has been in the same family for over 40 years; has all two bedrooms and one bath floor plans with a washer/dryer in each unit. The property was 100% occupied at close of escrow. This is truly was a once in a generation opportunity for the buyer.” stated Cardinal.
The 5,632-square foot apartment community was built in 1965 on a 0.58-acre lot. Jennifer Runyon added, “This casita style property felt more like an intimate townhome community than an apartment complex. Unique features including individual carports and private patios were well suited for the Buyer’s needs. Pride of long-term ownership was clear in the meticulous maintenance and hands-on management approach.” With proper management and continued care, this asset will continue to serve as a steady income producing opportunity.
