Thursday, February 21, 2013

Jones Lang LaSalle Completes $9.8 Million in Phoenix, AZ Multifamily Sales

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.

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.

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.

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
Marketing & Public Relations
(480) 600-0195

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