Denver-based Rakefet LLC, acquired the 268-unit, class B complex at 5454 W. Indian School Rd. from Dallas-based Walden Residential Corp. The new owners have secured a prime West Phoenix property with 178,560 sf of rentable space on approximately 8.2 acres.
"The community's desirable in-fill West Phoenix location and strong demographics combined for a solid investment opportunity," said Peter Katz, an investment specialist with Marcus & Millichap's Phoenix office. "The asset provides the buyer with a low cost per unit, well-occupied, 1980s-constructed property that can yield double-digit cash flow."
Built in 1983, the community is comprised of 48 studio, 136 one-bedroom and 84 two-bedroom units currently renting from $389 to $479 per month. The property, which also includes a pool and spa, three on-site laundry facilities, newly renovated playground and 268 covered parking spaces, was 93.8% occupied at the time of sale. Katz along with Darrell Moffitt, also an investment specialist with Marcus & Millichap, handled the transaction for both parties.
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