X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-The days could be numbered for the 157-unit Las Cascadas, which is under contract for $12 million to Atlanta-based Gables Residential Trust. The buyer plans to scrape the 5.1-acre tract and replace the vintage building with a 210-unit complex.

Bert Kempfert, senior vice president with CB Richard Ellis’ Phoenix office, is brokering the off-market transaction between Samuel & Co. Inc. in Phoenix and Gables, which is making its first move into the metro. He says the 34-year-old complex and an accompanying Circle K convenience store at 4333 E. Indian School Rd. are obsolete assets situated in what is otherwise a very nice and charming neighborhood.

“Its time has come to be redeveloped with something better,” Kempfert says. “The developer buying this is a thoughtful one and has experience with projects like this.”

Kempfert tells GlobeSt.com that Gables Residential plans to build a four-story complex, which will include about 30,000 sf of retail space. The new development will replace a complex with small units and master-metered utilities.

Despite its age and drawbacks, Las Cascadas is close to full. Kempfert says location is the reason. “Like a lot of properties of this type, it’s in a strong infill location that’s convenient to a lot of places,” he explains. “It’s simply under built for the current time and not developed to its full potential.”

Las Cascadas has studios and one-bedroom apartments. Units average 561 sf, with the smallest ones measuring 300 sf. The average rent is $603 per month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.