Kings Court Associates got a 25-year-old, 93%-occupied complex at 14014 N. 32nd St. in Phoenix. Village Square Apartments received quite a bit of investor interest, Todd Braun, a senior director with Cushman & Wakefield of Arizona Inc., tells GlobeSt.com.
The complex, situated on five acres, has two-story, garden-style buildings with 60 one-bedroom units, each 620 sf, and 66 two-bedroom apartments ranging from 914 sf to 1,153 sf. The units, leasing for 73 cents per sf, generate an average monthly rent of $635.
According to Braun, Kings Court Associates was attracted to Village Square Apartment because of its large units and its stable occupancy. He teamed with C&W's Paul Gross and Brett Polachek to broker the deal.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
