Greystar Recognizes Upside Potential of Cordoba

Cordoba, a 352-unit apartment community in Phoenix, recently sold to Greystar of Charleston, SC. In making this purchase, Greystar recognized the upside potential of this property located within one of the fastest growing employment corridors. The seller was Dallas-based Cordoba Apartments LLC.

Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction.

“Greystar’s ability to understand the local market and craft a well-articulated business plan propelled them to the top of the selection process,” said Brad Cooke. “The transaction was a flawless execution from both sides.”

Cordoba is located at 4520 E. Baseline Rd. and contains 352 units totaling 260,304 square feet. Originally built in 1986 and updated from 2018 to 2020, the property features a mix of one-, two- and three-bedroom units averaging 740 square feet. The property was 99 percent leased at the time of the sale.

The buyer plans to continue value-add renovations to the property. The renovations recently completed by the seller include updating common area amenities and interiors for 40 percent of the units. Those renovated units have resulted in $300-plus premiums for select floorplans, indicating to the buyer that cash-flow improvements are all but certain with continued renovation of the remaining 60 percent of units.