|
|
6/12/20
|
A Los Angeles-based private investment entity closed on a multifamily buy in Phoenix, paying $12.8 mil for Ocotillo Apartments, a 173-unit apartment community located at 1780 West Missouri Ave, north of Camelback Rd and east of I-17. A total of 118 units within the property are slated as affordable housing.
Built in 1973 and renovated in 2014, the eight-building low-rise property is situated on 4.05 acres. It offers a mix of studio, one-bedroom and two-bedroom units and features a swimming pool, secure gated entry, clubhouse, shaded BBQ area, two laundry facilities and covered parking. Ocotillo Apartments are situated less than a mile from Interstate 17 and is within walking distance to a light rail stop, Christown Spectrum Mall, among a number of other convenient amenities.
Robert Stepp and Mark Witsken of Stepp Commercial represented the buyer, who was looking to expand its existing Southern California-based affordable housing portfolio and enter into Phoenix. The seller was a Phoenix-based private investor.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
