Two older apartment complexes in the Central Phoenix corridor recently changed hands.
Colliers International of Greater Phoenix negotiated the $6.175-million sale of Lincoln Village apartments at 2211 W. Campbell Ave. Lincoln Village was built in 1980 and contains 115 apartment units in nine buildings totalling 88,725 rentable square feet. The property was 99-percent occupied at the time of sale.
“Lincoln Village is a perfect example of a property purchased to take advantage of rapid rising rents in the recovering west side of Phoenix,” says Trevor Koskovich with Colliers International. “The local buyer benefits from terrific long-term cash flow opportunities in a very favorable lending environment.”
Arie de Jong of San Marcos, Calif. sold the property to Benjamin Covaciu of Phoenix. This marks an expansion of Covaciu’s existing portfolio of Metro Phoenix multifamily properties.
Colliers International also negotiated the $5.325 million sale of Patio 15, located at 1523 W. Colter St. Patio 15 was constructed in two phases during 1968 and 1969, followed by an extensive remodel in 2015.
“This property offered a great opportunity for the buyer to acquire real estate near the popular light rail system,” says Jeff Sherman with Colliers International. “Patio 15 offers a unique combination of family-friendly two and three-bedroom apartment homes, which are particularly appealing in this neighborhood.”
The project was purchased by Don Saunders of Red Door, Alberta, Canada. The buyer also owns Cedar Creek Apartments in Glendale. Zev Hendeles of Phoenix was the seller of the property.