Cooper, Cardinal and Company LLC, a boutique multifamily investment brokerage firm with headquarters in Phoenix, recently closed the transaction for Mountain View Apartments, a 26-unit turn-key multi-family community located in Phoenix, Arizona near the I-17 and Metrocenter Mall. The sale price of $800,000 represents a capitalization rate of 6.5 percent on Proforma income. It equates to $30,769 per unit or $44.44 per square foot.
Gary R. Cooper, managing director, and Jack A. Cardinal, managing director of the firm, represented the seller in the transaction.
“This execution is all about the strategic sale of a class-C asset to focus on class-B or better opportunities and free up the seller’s limited oversight and management time,” stated Cooper.
The 18KSF apartment community, built in 1983 is situated on a 0.71-acre lot and was 77 percent occupied at the time of sale. Jack A. Cardinal added, “The lack of new construction in the area and the strong work force housing market is what made it an attractive acquisition for the Buyer. We have seen terrific gains in occupancy and rental rates in this submarket and experts forecast continued growth and improvement.”
