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Phoenix & Southwest  + Phoenix  + Apartments  | 

173-Unit MF Property in Phoenix Trades Hands for $13M

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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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