PHOENIX-A local entity formed by two Phoenix-area entrepreneurs has purchased Sherwood Apartments, a 40-unit multifamily property, for $1.36 million in an off-market transaction.
The buyers, Alliance Property Holdings of Phoenix, will invest an additional $200,000 to rehab the property, located at 815 N. 3rd Ave. The property will also undergo repositioning, including a name change to McKinley Court. "This is a great location, we just need to reposition it," comments Sean O'Carroll, one of the buying partners.
O'Carroll tells GlobeSt.com that he and partner Gary Leavitt found the 1960s-built property appealing because it can be made attractive to the workforce that is working downtown, as well as being used for corporate relocation. "These folks want a nice, safe place," he adds. "This is a gated community, and it's high-end."
The property, which was 55% vacant at the time of sale, has 20 studio apartments, offered at $525 per month; and 20 one-bedroom units, offered at $600 per month. O'Carroll says that the units average approximately 500 sf. Alliance Property Holdings and the sellers, Steve and Leona Hodges of Phoenix, were self-represented in the transaction.
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