Los Angeles-based Stepp Commercial completed a $12.8 million acquisition of Ocotillo Apartments, a 173-unit apartment community in Phoenix. The buyer and seller of the property at 1780 West Missouri Ave. were undisclosed.
Built in 1973 and renovated in 2014, the eight-building low-rise property is situated on 4.05 acres. It offers a mix of studio, one and two-bedroom units, and features a swimming pool, secure gated entry, clubhouse, shaded BBQ area, two laundry facilities and covered parking.
Stepp Commercial’s Robert Stepp and Mark Witsken represented the buyer. “Our buyer client saw this asset as a good fit to expand its existing Southern California based affordable housing portfolio and enter into Phoenix, a market that is experiencing continued favorable growth fundamentals,” said Stepp.
“We worked closely with the City of Phoenix over many months to meet its affordable housing acquisition requirements and ensure a timely closing for the buyer.”
The community includes 118 units slated as affordable housing.
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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