Cushman & Wakefield negotiates $2.85M sale
Cushman & Wakefield of Arizona, Inc. completed the $2,825,000 million sale of the Charter Palms Apartments, 1220 N. 44th St.
The complex was constructed in 1974 and contains 74 apartment units totaling 60,400 square feet ($46.77 PSF). The property, which includes five buildings, is 69 percent occupied.
Plaza de Vista, LLC of Tempe purchased the property from Realty Partners Charter LLC of Phoenix.
“The property has quite a bit of deferred maintenance that the buyer plans to take care of while also improving the quality of the asset,” said Brett Polachek, Senior Director with Cushman & Wakefield.
Polachek and Jim Crews of Cushman & Wakefield successfully marketed the property for sale and represented the seller. The buyer was represented by Brock Danielson of K.W. Commercial.