An affiliate of Reliant Group Management, LLC of San Francisco has purchased Phoenix Manor, a multifamily community located at 2636 N. 41st Ave. in Phoenix. The company purchased the 450-unit property for $50 million to enhance their investments in Arizona.
“Phoenix Manor was one of the most unique properties throughout my career and had been pridefully owned by the same family for the last 60 years. It is not every day you find a low-density community with 24 acres of natural grass in Phoenix, while having visibility to downtown Phoenix,” said Cindy Cooke, vice chair of Colliers in Arizona. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach represented the seller, Phoenix Manor LLC. Reliant Group Management, LLC was self-represented.
The mid-century community was constructed and owned by the same family for nearly 60 years. The property features a unique abundance of amenities and park-like landscaping, large community building and auditorium for resident functions. The property contains a mix of studio, one- and two-bedroom apartment homes. The property was composed of majority single-level, block, with private patios and pitched roofs. The property includes 38 apartment buildings, 16,746 square foot clubhouse and leasing center, a 6,750 square foot auditorium, and 4,200 square foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts.
The Cooke Team’s national presence enables them to provide investors more diverse opportunities and therefore stay at the top of Reliant’s acquisition list. Relationships are critical in this industry and the 11 brokers on The Cooke Team, with a combined 239 years of experience, deliver consistent successful closings for buyers and sellers.