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3/07/17
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R&V Management Corporation purchased The Monarch, a 120-unit multifamily property in Phoenix, for $12.05 mil, or $100.4k/unit. The property is located at 77 West Coolidge St, in the highly sought after Uptown neighborhood in Central Phoenix.
Monarch was built in 1974 and offers both one-and two-bedroom floor plans. The community is located on the Metro Light Rail and offers an urban walkable renting experience.
The property represents a rare, un-renovated Class “B” apartment community in Phoenix’ Uptown neighborhood. The buyer plans to upgrade the apartment homes as well as the community amenities.
Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff with Berkadia represented the seller, B.H. Monarch LLC, a California limited liability company. The buyer, R&V Management Corporation, is a California corporation.
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