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5/13/21
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Cactus Forty-2, a 200-unit Class A apartment community in the upscale Paradise Valley area of Phoenix, was acquired by Los Angeles area-based Ezralow Company LLC for $56.05 mil, or $280k per unit. The property, located at 4242 East Cactus Rd, was sold by Fort Worth, TX-based Olympus Property.
Cactus Forty-2 consists of studio, one-bedroom and two-bedroom units featuring nine-foot ceilings, hardwood-inspired flooring, stainless steel kitchen appliances, granite countertops, marble bath vanity and large soaking tub in the bathrooms. Units also include full-size washer/dryers with private patios/balconies available in some floor plans.
On-site amenities include a resort-inspired pool and spa, outdoor kitchen, fireplace and gathering space, fitness center, clubhouse, pet park, covered parking, gated access, and Phoenix mountain views.
Cactus Forty-2 fronts the highly trafficked Cactus Road, has walking proximity to the soon-to-be renovated Paradise Valley Mall and easy access to world class entertainment, shopping and dining venues in North Scottsdale and North Phoenix. The location is also convenient to SR-51.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.
“Cactus Forty-2 is a highly attractive infill Class A multifamily community located near the soon-to-be renovated Paradise Valley Mall,” said Fogler. “The community has been very well maintained since first developed in 2014 and provides residents with highly attractive unit interiors combined with exceptional amenities.”
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