Newmark announced it has arranged the sale of Cobblestone Apartments, a 200-unit multifamily community located in Phoenix, Arizona. Newmark Senior Managing Directors Chris Canter and Brett Polachek and Executive Managing Director Brad Goff represented the seller, Sharo Khastoo, in the sale to an undisclosed buyer.
Built in 1980, the two-story multifamily community features four floor plans ranging from a 615-square-foot one-bedroom, one-bathroom unit to a spacious 967-square-foot two-bedroom, two-bathroom unit. Community amenities include on-site maintenance and management, a fitness center, a dog park, a clubhouse equipped with a kitchen for private functions and a pool area with grills and a spa.
“The Cobblestone Apartments is a unique multifamily asset located in the coveted North Central Phoenix area not far from the Taiwan Semiconductor project,” said Canter. “The new owner will benefit by upgrading all of the unit interiors, thereby bringing rental rates in line with the higher levels that the submarket has experienced over the past years.”
Located at 15449 N 25th Avenue, the property is situated two miles from Arizona State Route 101 and proximate to numerous shopping centers, dining and entertainment options as well as several schools and stadiums.
Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63 billion in U.S. sales volume, according to Real Capital Analytics data analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated 65.4%. Trailing twelve-month volume increased to $374.3 billion. Phoenix ranked sixth among major metros in terms of sales volume over the 12 months ending in the first quarter, with $17.5 billion in volume.