Cushman & Wakefield of Arizona’s Multifamily Advisory Group recently negotiated the $25.5 million sale of The Colonnade Apartments, a 415-unit multifamily property located at 1930 E. Camelback Road.
Built in 1968 and with an addition in 1973, The Colonnade is an urban, garden-style apartment community located in the heart of the Camelback Corridor, providing a live-work-play experience for residents. The property is 257,648 square feet with 27 buildings and features studio, one- and two-bedroom floor plans.
“This urban in-fill location with frontage on Camelback Road really got the attention of the investment community,” said Jim Crews, a senior director at Cushman & Wakefield. “We had significant interest from numerous groups with varying business plans that includes rehab/value add and redevelopment.”
Gelt Inc. of Tarzana, Calif., sold the property to MCS Capital Partners of Phoenix. The sale price brought $61,446 per unit, which equates to $98.97 per square foot, and was 94 percent occupied at the time of the sale.