Real estate

Phoenix apartment complex sells for $56 million

The northeast Phoenix property has 200 units

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Cushman & Wakefield announced Friday it has brokered the sale of Cactus Forty-2, a 200-unit apartment community located at 4242 East Cactus Road.

The Paradise Valley community was purchased by Los Angeles-based Ezralow Company LLC for $56.05 million. 

Cushman & Wakefield’s David Fogler and Steven Nicoluzakis, who work in the multifamily advisory group in the firm’s Phoenix office, represented the seller, Olympus Property. 

“Cactus Forty-2 is a highly attractive infill Class A multifamily community located near the soon-to-be renovated Paradise Valley Mall,” said David Fogler, Executive Managing Director. “The community has been very well maintained since first developed in 2014 and provides residents with highly attractive unit interiors combined with exceptional amenities.”

Cactus Forty-2 offers studio, one-and two-bedroom units with 9-foot ceilings, hardwood-inspired floors, stainless steel appliances, granite countertops and more lush amenities. Each unit also features washer/dryers and some boast private patios and balconies depending on the floor plan.

Other community amenities include a pool and spa, outdoor kitchen, fireplace, fitness center, clubhouse, pet park, covered parking, gated access and mountain views. 

Located on Cactus Road, Cactus Forty-2 is within walking distance to the soon-to-be-renovated Paradise Valley Mall and has access to the entertainment, shopping and dining found throughout North Scottsdale and North Phoenix. The SR-51 freeway is also nearby. 

Cushman & Wakefield is among the largest real estate firms with more than 50,000 employees in 400 offices across the globe. In 2020, the firm had revenue of approximately $7.8 billion across its services. 

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