PHOENIX—Mica Creek-Sagamore Capital Partners ofPhoenix sold City 15 to Retirement Concepts ofVancouver. 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. Theproperty was built in 1969 and contains 26 buildings with 161units. 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 forurban infill—good jobs, close to transportation corridors—that'swhat's driving renter demand,” Jim Crews tellsGlobeSt.com.
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