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PHOENIX-Local investors Donald L. Meyers and Eli Castranova have purchased the Cascades, a 95-unit complex at the northwest corner of 36th Street and Campbell Avenue in Phoenix. They spent more than $6 million for the asset and intend to pump another $600,000 to $800,000 into repositioning it from class B to class A.

The renovation will bring changes inside and out, Steven Nicoluzakis of Insignia/ESG’s Phoenix office tells GlobeSt.com. He and David Fogler, also of Insignia/ESG, represented the buyer of record, Aspen Cascades LLC.

The average unit size is 1,000 sf, leasing for about $800 per month. After the renovations, Nicoluzakis estimates monthly rent per unit will fall between $900 and $1,200. “The units are large and functional with almost all of them having spectacular views,” Nicoluzakis said in a press release. Currently, the two-building complex is 93% occupied.

Michael Parker of Tiburon, CA is the seller of the seven-year-old complex. Nicoluzakis says the investor acquired the complex in 1997 and now wants to reinvest his money in a California property. The building never came to market, according to Nicoluzakis. Instead, he and the buyers approached the seller about striking a deal.

Nicoluzakis says his clients were seeking in a well-located multifamily property. The Cascades complex, he emphasizes, fit the bill with its address in a highly desirable area of Phoenix. Nestled in an upscale single-family residential area, the location definitely was one of, if not the, main selling point to make the close.

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