Phoenix, August 25, 2016 - Colliers International of Greater Phoenix has negotiated the $21.3 ... services company with
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The Arbors Apartments in Tempe Sells for $21.3 Million Colliers International Negotiates Sale of Tempe Apartment Complex Phoenix, August 25, 2016 - Colliers International of Greater Phoenix has negotiated the $21.3 million sale of The Arbors at 5th Apartments located at 805 W. Brown St. in Tempe, AZ. The community was purchased by a private investor based out of Vancouver, Canada. Senior Executive Vice President Cindy Cooke and Senior Vice President Brad Cooke of Colliers International in Phoenix negotiated the sale transaction. The seller of The Arbors at 5th was Hamilton Zanze of San Francisco, and the buyer was Western Wealth Capital of Vancouver, Canada. “The Arbors at 5th offered the buyer a great value-add opportunity in the heart of the Valley’s most dynamic marketplace, Tempe. The property is within walking distance of the historic Mill Avenue District and the Tempe Town Lake Beach Park,” says Cindy Cooke of Colliers International. “Downtown Tempe has captured the attention of the nation with its strong employment growth coupled with its urban high-quality lifestyle. The Arbors at 5th provides a Class A location with the ability to add value by renovating the interior of the units.” The Arbors at 5th was constructed in 1967, contains 197 apartment units in 41 buildings and was 96% occupied at the time of the sale. Apartment units range from studios to two bedrooms from 317 to 943 square feet in size. The community is located just half a mile from Arizona State University’s main campus and is within one block of Phoenix’s Metro Light Rail. The seller Hamilton Zanze has made on-site improvements including building a brand-new leasing office, clubhouse and fitness center and modernizing 64 of the units. The single-story and townhouse-style units are built of block/masonry construction, and select units feature spacious walk-in closets, redwood cabinetry, wood-plank style flooring and resurfaced countertops. The community contains two on-site laundry facilities, three swimming pools and a BBQ/picnic area. The property is serviced by University Shuttle as well as the Phoenix Metro Light Rail.
-- End -About Colliers International Group Inc. Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm. For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years. About Hamilton Zanze Hamilton Zanze acquires, repositions, and operates multifamily assets in the Western and Southwestern U.S. on behalf of our private investors and institutional partners. HZ currently owns and operates 80 apartment communities with a total of 17,255 units. To learn more, please visit www.hamiltonzanze.com. About Western Wealth Capital: The founding partners of Western Wealth Capital have been successfully investing in Phoenix- based multiple-unit rental properties since the early 1990’s. With an asset value of more than $280 million, Western Wealth Capital is now recognized as an industry leader in western North America. Western Wealth Capital is actively seeking multifamily opportunities in the Phoenix area and is one of the most active buyers in the market. Visit www.westernwealthcapital.com.
