Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Rarity in West Phoenix Multifamily Trades to Investment Group
GC Square Apartments in Phoenix has sold to Rise48 Equity, a regional multifamily investment group, for $31.02 million. Kidder Mathews’ Bret Zinn, Karl Abert and Nathan Thinnes represented both the buyer and seller, Scottsdale-based development firm CaliberCos, Inc.
The 3.98-acre apartment community is located at 3535 W. Camelback Rd. in the rapidly gentrifying West Phoenix neighborhood. The property is adjacent to Grand Canyon University—where the student population finds its furnished units a draw–and comprises 16 two-story buildings equaling 72,368 rentable square feet. An extensive renovation was completed in 2019.
“Renovated and stabilized communities are very scarce and rarely sold in the West Phoenix and I-17 corridor,” said Zinn. “With the enduring supply chain challenges and increasing costs in both labor and materials, multifamily renovations are becoming an ever more expensive and timely endeavor. The GC Square acquisition enabled Rise48 Equity to cash flow from day one.”
- ◦Sale/Acquisition
