The Cooke team is proud to annouce Cindy Cooke’s 2019 Everest Club designation! The Everest Club recognizes the top 10% of all Colliers professionals in brokerage, valuation and corporate solutions in the U.S. based on revenue production. Cindy was ranked #1 in the multifamily category and we are thrilled to be recognized by Colliers International and to join other high-performing Colliers International brokers as Everest Club members.
Phoenix, February , 2020 – Bascom Arizona Ventures, LLC has purchased the Dolce Villagio rental townhome community at 202 S. Hardy Dr. in Tempe for $11,500,000. The company plans to modernize and reposition the property, which is located within walking distance of Arizona State University.
“The Dolce Villagio townhomes are in one of the most dynamic submarkets in the state, within walking distance to ASU and the thriving northern Tempe employment hub,” says Chris Roach, associate vice president with Colliers International in Arizona. “The property is also nestled in a neighborhood with high barriers to entry based on zoning and density restrictions. The buyer recognizes the ability to reposition the property with contemporary, luxury finishes to better enhance the condo-quality design of the asset.”
Bascom Arizona Ventures purchased the property from Gary Phillips, an Arizona-based private investor. Chris Roach, Matt Roach and Brad Cooke of Colliers International in Arizona negotiated the transaction.
Constructed in 2007, Dolce Villagio is comprised of 37 garden-style townhomes that were individually parceled but were never sold as condominiums. The expansive floorplans average 1,423 square feet and offer direct access to two-car garages. The two- and three-bedroom units were 85 percent occupied at the time of the sale. This community is walking distance to the ASU Main Campus, Tempe Town Lake, Phoenix Metro Light Rail, Tempe Street Car and a recently opened Whole Foods.
This particular submarket has experienced a 7.9 percent year-over-year rent growth and is located in one of Arizona’s highly sought-after tax-savings designated Opportunity Zones. This designation will promote further economic growth in the area.
Union @ Roosevelt, a recently developed mixed-use project within the popular Roosevelt Row district of Downtown, has been sold to a Chicago-based investor for $27 million. Located at 888 N. 1st Ave., features 80 luxury, mid-rise apartments with 9,100 square feet of ground floor retail space and 28,000 sqft of land.
The fully-leased apartment community is home to three retail outlets. GenuWine is a self-serve wine bar with a wide selection of wines, as well as a variety of cheeseboards and locally brewed beer. Fatty Daddy’s ice cream provides customers with local, hand crafted pastries and desserts, free from preservatives, GMOs and artificial colors. Finally, there are multiple letter of intent for the remain restaurant space that will provide the full service restaurant experience for the tenants living at Union and the general public.
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.
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.”
Siena on Baseline, an apartment community at 4520 E. Baseline Rd., has been sold to a Dallas investor for $49,000,000.
“This property offered a very attractive ‘value-add’ opportunity for the buyer,” said Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix. “The community is located in one of the best employment and transportation accessible areas of the city which creates a strong tenant demand for renovated units.”
Country Brook Apartments located in the highly sought after Southeast Valley of Great Phoenix was purchased by a California-based investor for $74,000,000. MG Properties Group of San Diego acquired the 396-unit community located at 4909 W. Joshua Blvd in Chandler. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled the marketing and sale transaction.
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.
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