James Butwin of C&C Acquisitions LLC tells GlobeSt.com that the properties are both good investments for the group, which has amassed more than $20 million in holdings since entering the Phoenix market just 18 months ago. "Our strategy has always been to acquire solid properties and maximize them," said Butwin.
The group picked up the Orangewood Place Apartments at the intersection of 27th Avenue and Northern, just South of the Metro Center for $3.2 million in a deal that gave C&C instant equity. The 84-unit complex sold for $39,000 per unit in a market where other properties average around $55,000 per unit, Butwin said.
"It's a very strong, cash-flowing property," he said, noting that its location in west Phoenix near Glendale is one of the fastest growing areas in metropolitan Phoenix. The 92% occupancy rate made the deal even more appealing.
The firm also broke ground on more than three acres of land at Greenfield and Brown in Mesa for a new $3-million, 35,000-sf Mountainside Fitness Center. The gym will open next summer. Butwin said C&C also plans to begin construction on a retail complex on 3 1/2 acres at Shea and 16th Street in Scottsdale this summer.
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