Cushman & Wakefield announced today the $21 million sale of Maya Linda, a 360-unit apartment community located at 8222 N. 19th Ave. in Phoenix, to Phoenix-based Pacific Real Estate Partners.
Jim Crews and Brett Polachek from the Cushman & Wakefield Phoenix office represented the owner, MG Properties of San Diego, Calif.
“This property received significant buyer interest due to its location on the newly-opened METRO Light Rail line, coupled with the opportunity to improve the unit interiors and increase operating revenue,” said Crews.
Situated on 10.5 acres and totaling 213,288 square feet (SF) of space, the property offers studio, 1- and 2-bedroom floor plans with an average unit size of 592 SF. Built in 1981, with the original interiors still in place, Maya Linda is considered a viable candidate for an interior and exterior renovation.
“With new flooring, cabinet doors, an updated appliance package, fixtures and lighting, it is believed there is significant upside in the rent,” added Crews.
The garden-style community benefits from good visibility on 19th Avenue and is conveniently situated with easy access to I-17, Loop 101 and SR-51. In addition, the METRO Light Rail northwest extension opened in March with a station located a six-minute walk from the property.
