301-Unit Apartment Community in Phoenix Sells for $12.7 Million

Cushman & Wakefield announced the $12,742,000 sale of La Reserve at Forty-Fifth, a 301-unit apartment community located at 2627 N. 45th Avenue in Phoenix, to Phoenix-based Jevan Capital, PLLC.

Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the seller, CEGOP-PHX 1, LLC of Fort Collins, Colo.

Built in 1972, La Reserve on Forty-Fifth offers one-, two- and three-bedroom floor plans with an average unit size of 908 square feet. Sitting on 16.57 acres, the garden-style property’s amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas.

“La Reserve on Forty-Fifth boasts the potential for strong operations with a remaining value-add component including interior renovations. New owners have the ability reduce operating costs and improve the living experience for current and future residents,” said Polachek.

With high visibility on Thomas Road, the property is in close proximity to many local conveniences and employment centers. Residents benefit from convenient access to I-17, I-10 and US-60, as well as being on the METRO bus line.

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