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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).