Advised sale of downtown Phoenix multifamily redevelopment site allows for up to 741 new residential units
Cushman & Wakefield announced the brokered sale of an approximately one-acre high-rise apartment redevelopment site in downtown Phoenix, Arizona, on June 13. The buyer, Masyno Holding LLC, acquired the transit-oriented property located at the northwest corner of First and McKinley Street for $12 million.
Bound by three streets, the two-parcel property offers intense densities up to a maximum of 741 residential units, while the location is strategically positioned within a few blocks of multiple Light Rail stations.
David Fogler and Steven Nicoluzakis, of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix, represented the seller, with Glasir Capital Partners (Nick Lynum, Alan Robinson – Principals) in the transaction.
“This is a prime high-rise residential site centrally located in the heart of Downtown Phoenix. The buyer capitalized on a great opportunity with the ability to close escrow in two weeks,” said Steven Nicoluzakis, Executive Managing Director.
“Phoenix’s urban revival has transformed the Central Corridor into a 24-hour live-work-play environment that offers a dynamic mix of shopping and nightlife, along with a significant presence of education and medical provision. Light Rail access is another key influence of the area,” Steven added.
The property is well positioned near major employment spaces, with an abundance of sought-after amenities and convenient transportation services found in Phoenix’s central business district. Similar locations of development projects are rapidly taking place across the States.
The Phoenix Convention Center, University of Arizona College of Medicine, Arizona State University Downtown Campus, and Margaret T Hance Park are also within walking distance. The property is also within minutes of Interstate 10.
In Summer 2022, Fogler and Nicoluzakis also represented Glasir Capital Partners in the sale of a nearby half-acre multifamily development site at the northwest corner of First and Pierce street.