Bridge Investment Group of Salt Lake City has purchased the Verona Park apartment community at 1666 S. Extension Rd. in Mesa for $43,750,000.00. The Utah investor plans to complete modernization of the 304-unit development, which is located in a popular infill area.
Phoenix, Ariz. – The Laguna Village apartment community at 102 Palomino Dr. in Chandler has been sold to a Utah based investor for $70,250,000.00. The buyer intends to complete modernization of the 460-unit property and increase the development’s value within a submarket that has recently experienced strong population growth.
“This property is ideally suited for upgrades and re-positioning,” says Cindy Cooke senior executive vice president of Colliers International in Arizona. “Laguna Village is located in Chandler which has seen some of the strongest employment growth in the Valley. The area has also experienced tremendous population growth and Laguna Village is surrounded by a very limited supply of rental competition.
Congratulations Brad Cooke! Read more about Brad’s journey in commercial real estate in the four-page spread in January’s (2019) Commercial Executive Magazine. Magazine >
Phoenix, Ariz. – Argenta, a 396-unit apartment community at 4104 E. Broadway Rd. in Mesa, has been sold to a California investor for $50,275,000.00. The development offered opportunity for future value appreciation with extensive renovation and modernization.
Argenta was sold by Millburn Company of Salt Lake City. The buyer was 29th Street Management III, based in San Francisco. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handle the sale transaction.
“We were honored to be involved in the disposition of Argenta for Millburn Company. They did a great job stabilizing and positioning Argenta for the next buyer. 29th Street Capital’s strong local knowledge made them the perfect buyer to take Argenta to the next level.”
PHOENIX, ARIZ. – The Terraces at Glassford Hill apartments in Prescott Valley have been sold to California-based Virtú Investments for $47,350,000 which is $209,530 per unit.
“The Terraces is irreplaceable with it’s unique location positioned on top of Glassford Hill. The fantastic views overlooking Prescott Valley combined with Class A quality design provides consistently high occupancy coupled with strong rents. Virtú took the time to truly understand this dynamic asset and submarket,” said Brad Cooke, executive vice president with Colliers International in Greater Phoenix.
What is it like working with family members in the same industry? Cindy and Brad Cooke featured in the Building Dynasties Feature, in Commercial Executive Magazine.
Read full article about her record-setting career and journey. Featured magazine spread in the Commercial Executive Magazine
Tucson, March 1, 2017 – A portfolio of four multifamily communities in Tucson has been sold to a NY based Real Estate Firm, DASMEN Residential, LLC, signaling more strength for the area’s investment market. The properties, which were built between 1974 and 1980, provide the buyer great cash flow with an opportunity to renovate the properties as the Tucson market continues to trend upward.
Phoenix, February 9, 2017 – Colliers International in Greater Phoenix has completed the sale of a multifamily portfolio comprised of Argenta Apartments and Verona Apartments in the growing East Valley submarket.
Phoenix, August 30, 2016 — Colliers International in Greater Phoenix has negotiated the sale of a portfolio containing five apartment communities in Tucson. The properties were the first Arizona acquisition for a Colorado-based investment group. Hamilton Zanze of San Francisco sold the portfolio to Monarch Investment & Management Group, LLC of Franktown,
“This portfolio was a great investment due to the strong cash flow and overall condition of the properties,” says Cindy Cooke, senior executive vice president with Colliers International in Greater Phoenix. “The economic recovery in Tucson follows the Phoenix economy. Phoenix has realized incredible appreciation in the recent years, so Tucson investors are well positioned to benefit from similar trends.”
