MXU Union @ Roosevelt Sells for $27M

Origin Investments acquired Union @ Roosevelt, a mixed-use project situated within downtown Phoenix’s Roosevelt Row district. The Chicago-based buyer paid $27 million to seller MetroWest Development for the property at 888 N. 1st Ave. The asset offers 80 apartment units, 9,100-square-foot of ground-floor retail space and 28,000 square feet of land.

Retail tenants of the project are GenuWine and Fatty Daddy’s, with letters of intent for the remaining restaurant space. The residential component is 100% occupied.

“The sellers were very intent on selecting the right buyer that saw the correct vision for Phase II, which will be approximately 120 units bringing the total unit count to 200 units. That is exactly what was accomplished with Origin Investments,” said Brad Cooke with Colliers International, who partnered with Cindy Cooke, Matt Roach and Chris Roach to represent MetroWest Development in the transaction.

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