PHOENIX, AZ - Emma Capital Investments announced the acquisition of Zazu Apartments, a 184–unit garden style multi-family apartment community located at 1502 East Osborn Road, Phoenix, AZ, at a purchase price of $22,250,000. This is Emma Capital's 31st purchase in the United States and brings its total acquisitions to date to approximately 7,800 apartment units in seven different markets.
Zazu Apartments was built in 1953 and underwent a significant infrastructure investment during 2008-2010. The Property is strategically located to attract the trendy midtown Phoenix crowd and is easily accessible to the central business district, spanning from downtown's hipster Roosevelt Row to Central Avenue's budding Arts District to north central Phoenix's swanky Uptown Square. Further, it is only a five-minute drive from the premiere Biltmore / Camelback Central Business District and Fashion Park luxury retail destination.
The property has an attractive unit mix, offering seven different floor plans made up of 9 studio units, 124 one-bedroom units, and 51 two-bedroom units, with an average unit size of 788 sqft. The gated community features two large swimming pools. The main pool has a large custom cabana, a spa, and a resident sand "beach" for sun tanning and picnics. Common area amenities include a 3-D movie theater room, resident gym, dedicated resident lounge, coffee bar, dog walk areas, outdoor amphitheater, and large open courtyards with lush exotic landscaping.
"We are very excited to add Zazu Apartments to our portfolio in the Phoenix Market Area," stated founding Partner and Co-Owner Haya Zilberboim. "Zazu Apartments has been self-managed by the same owner for the past 11 years. Since 2008 the owner invested into the property over $6.3 million in interior and exterior capital improvements. Emma Capital sees the potential to streamline the property's operation, invest in the apartments' interiors to bring them up a notch, and add washers and dryers to all units."
"This investment is our 8th in the Phoenix area," added Partner and Co-Owner Oz Cohen. "We will continue to execute our growth strategy and expand our presence across all of our existing markets in all multi-family property classes, as well as grow into new submarkets such as Tampa, FL and Louisville, KY"