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11/20/15
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In a case study example of Phoenix’s stalled-to-stable multifamily recovery, Cobalt on 32nd Street, a previously stalled but now completed and stabilized multifamily asset, traded hands for $16.2 mil, or $180k/unit. The property, located at 18350 N. 32nd Street, at 32nd Street and Union Hills, was purchased by Weidner Investment Services.
The property was sold by Seattle-based Goodman Real Estate, who acquired the asset in 2013. At the time of Goodman’s purchase, Cobalt included 24 completed units operating at more than 90 percent occupancy, along with land for a 66-unit expansion. After purchasing the site, Goodman managed the additional construction and in 2014 delivered a Class A, gated community comprised of 90 townhomes averaging 1.2k sf.
The new Cobalt project consists of uniquely designed townhome units, each featuring a private, oversized ground floor entry and a direct-access garage, as well as shared spaces that include a resort-style pool, clubhouse and fully equipped fitness center. Unit features at Cobalt include upgraded kitchens with granite counters and Whirlpool stainless steel appliances, outlets with USB ports, wood flooring, large laundry rooms and upgraded carpeting in oversized floorplans.
The property is situated in the Northeast Phoenix/North Scottsdale area, near Desert Ridge Marketplace and Paradise Valley Mall, and multiple employment centers such as Scottsdale Airpark, the Arizona Biomedical Corridor and the Deer Valley office submarket. It sits less than one mile from State Route 51 Piestewa Freeway and less than 1.5 miles from the Loop 101.
JLL’s John Cunningham and Charles Steele represented Goodman in the sale.
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“The low density of 14 units per acre, due to its 100 percent two-story townhome construction, gives Cobalt residents a single-family home appeal in a professionally managed, luxury rental community,” said Steele. “The buyer recognized the attraction of these features and the opportunity to buy in a submarket in which they had previously not been able to, all while adding a very high-end asset to their existing Phoenix portfolio.”
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