PHOENIX—Mica Creek-Sagamore Capital Partners of Phoenix sold City 15 to Retirement Concepts of Vancouver. The $10.85 million sale price brought $67,391 per unit, which equates to $102 per square foot.
City 15 a multifamily property located at 4728 N. 15th St. The property was built in 1969 and contains 26 buildings with 161 units. It was 96% occupied at the time of the sale. Cushman & Wakefield of Arizona, Inc. negotiated the sale.
“At 16th and Camelback there is a good demand for urban infill—good jobs, close to transportation corridors—that's what's driving renter demand,” Jim Crews tells GlobeSt.com.
“The property attracted a lot of attention given its location,” says Brett Polachek. “City 15 has undergone interior and exterior renovations and has captured the demand for urban living.”
Polachek and Crews of Cushman & Wakefield represented the seller in the transaction.
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