PHOENIX, AZ - Colliers International in Greater Phoenix negotiated the sale of the Warren House Camelback apartment community for $2.75 million, or $29,891 per unit. The 92-unit property is located at 1545 W Camelback Road in Phoenix.
Colliers International’s executive vice presidents Bill Hahn, Jeff Sherman and Trevor Koskovich represented the seller, Warren House Camelback Limited Partnership of Escondido, California. The buyer was Excel Real Estate LLC of Mesa, Arizona, a private investment company. Excel plans to hold the property as a long-term investment.
According to Hahn, “Warren House is well-positioned for future upgrades and offers the buyer a highly visible property on Camelback Road, a major east-west thoroughfare running through Phoenix, Scottsdale and the West Valley.”
Built in 1967, Warren House Camelback is a seven-building, three-story apartment community set on approximately 1.61 acres with a density of 57.14 units per acre. The 37,900-square-foot property consists of 92 units with a mix of 42 studio and 50 one-bedroom units. Common area amenities include a swimming pool, two laundry facilities, outdoor barbeques and open parking. Unit amenities feature all paid utilities, high-speed internet, cable, microwave and vinyl flooring. Its proximity to two Metro Light Rail stations and the I-17 Freeway, provide residents with easy access and a convenient commute to downtown Phoenix, North Phoenix, Tempe and Mesa.
“The metro Phoenix multifamily market continues to surge as we see vacancy tick lower, rents trend higher, an increase in sales activity, and employment growth and population expansion supporting renter demand,” said Hahn. “Every submarket in Greater Phoenix is recording rent growth and most areas are posting gains that are far outpacing the rate of inflation. With property performance outperforming historical norms, we expect investors to remain active in 2016.”
About Colliers International Group Inc. Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.