Stepp Commercial, a major multifamily brokerage business in the Los Angeles industry, has concluded $12.8 million acquisition of Ocotillo Apartments, a 173-device condominium group situated at 1780 West Missouri Avenue in Phoenix, Ariz. A whole of 118 models inside the assets are slated as economical housing.
Robert Stepp and Mark Witsken of Stepp Professional represented the customer, a Los Angeles-primarily based private expenditure team. The seller was a Phoenix-centered non-public trader.
“Our buyer customer saw this asset as a very good in good shape to grow its existing Southern California-based affordable housing portfolio and enter into Phoenix, a market that is dealing with ongoing favorable development fundamentals,” claimed Stepp. “We labored closely with the City of Phoenix around numerous months to satisfy its economical housing acquisition necessities and make certain a well timed closing for the buyer.”
Created in 1973 and renovated in 2014, the 8-making low-rise assets is situated on 4.05 acres. It delivers a combine of studio, one-bed room and two-bed room units and attributes a swimming pool, protected gated entry, clubhouse, shaded BBQ location, two laundry facilities and lined parking. Ocotillo Residences are positioned significantly less than a mile from Interstate 17 and is in strolling distance to a light rail cease, Christown Spectrum Shopping mall, amid a selection of other practical features.