Renovated 165-unit apartment building sells for $31M in Phoenix
GC Square Apartments in Phoenix has sold to Rise48 Equity, a regional multifamily investment group, for $31.02 million. Kidder Mathews’ Bret Zinn, Karl Abert, and Nathan Thinnes represented both the buyer and seller, Scottsdale-based development firm CaliberCos, Inc.
The 3.98-acre apartment community is located at 3535 W. Camelback Road in the rapidly gentrifying West Phoenix neighborhood. The property is adjacent to Grand Canyon University (GCU) and comprises sixteen two-story buildings equaling 72,368 in rentable square feet. An extensive renovation was completed 2019, totaling $7.3 million.
“Renovated and stabilized communities are very scarce and rarely sold in the West Phoenix and I-17 corridor,” said Zinn. “With the enduring supply chain challenges and increasing costs in both labor and materials, multifamily renovations are becoming an ever more expensive and timely endeavor. The GC Square acquisition enabled Rise48 Equity to cash flow from day one.”
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Renovated 165-unit apartment building sells for $31M in Phoenix
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GC Square Apartments in Phoenix has sold to Rise48 Equity, a regional multifamily investment group, for $31.02 million. Kidder Mathews’ Bret Zinn, Karl Abert, and Nathan Thinnes represented both the buyer and seller, Scottsdale-based development firm CaliberCos, Inc.
The 3.98-acre apartment community is located at 3535 W. Camelback Road in the rapidly gentrifying West Phoenix neighborhood. The property is adjacent to Grand Canyon University (GCU) and comprises sixteen two-story buildings equaling 72,368 in rentable square feet. An extensive renovation was completed 2019, totaling $7.3 million.
“Renovated and stabilized communities are very scarce and rarely sold in the West Phoenix and I-17 corridor,” said Zinn. “With the enduring supply chain challenges and increasing costs in both labor and materials, multifamily renovations are becoming an ever more expensive and timely endeavor. The GC Square acquisition enabled Rise48 Equity to cash flow from day one.”
The apartments are 100% furnished — an increasingly common trend in Phoenix and a draw for the 23,000 students at GCU.
“Given the huge net-in migration Phoenix is currently experiencing, we have clients yielding good results in offering furnished units for small square footage studio and one bedroom, one-bathroom units,” said Abert.
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