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| Indigo Apartments, 16160 S. 50th Street Phoenix, AZ |
PHOENIX, AZ – The Jones Lang LaSalle Phoenix Capital Markets
Team has completed two multifamily investment sales that will move the local Cobalt
and Indigo rental properties from a “stalled” and distressed position on
to a new track for quick completion and delivery to the Phoenix rental pool.
“The recession stopped many local multifamily and condo
construction projects in their tracks, and some of these distressed sites have
been sitting, unfinished, for years,” said Jones Lang LaSalle Executive Vice
President John Cunningham.
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| Cobalt Apartments, Phoenix, AZ |
“As our market fundamentals improve, we’re seeing properties
like Cobalt and Indigo come under new ownership, gaining the capital resources
they need to transition from a community eyesore to a completed, active rental
complex. It is a very positive trend.”
Seattle-based Goodman Real Estate purchased Cobalt for $5.6
million and Indigo for $4.2 million.
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| John Cunningham |
Cunningham, along with Jones Lang LaSalle Vice President Charles
Steele, represented the properties’ seller, Newport Beach, Calif.-based
Sabal Financial Group, which specializes in the acquisition of distressed real
estate loans and bank credit advisory services.
Located at 32nd Street and Union Hills in Phoenix, Cobalt is
a gated Class A multifamily property that includes 24 completed units and land
for a 66-unit expansion.
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| Charles Steele |
Indigo is a fractured Class A condominium asset totalling 30
units at 16160 S. 50th Street, near I-10 and Chandler Boulevard in Ahwatukee.
Seventeen of Indigo’s units were previously sold as condominiums, however the
new owner is pursuing acquisition of these sold units as part of its
de-fracturing strategy. Indigo also has infrastructure in place to build an
additional 78 units.
For a complete
copy of the company’s news release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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