PHOENIX, ARIZ. – CBRE arranged the sale of a 156-unit apartment complex located at 3130 N. 7th Ave in Phoenix, Ariz. The property, formerly a 1960s-era hotel, was sold by San Francisco, California-based FPA5 El Cortez, LLC, to Austin, Texas-based PB Acquisitions for $12.07 million.
Brian Smuckler, Jeff Seaman, Bryson Fricke and Bert Kempfert with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.
Originally constructed as a resort in 1964, the Art Linkletter-designed property was renovated by the seller in 2016. The mid-century community is comprised entirely of studio floor plans averaging 407 square feet complete with floor-to-ceiling windows and private patios or balconies. Upgraded units feature new flooring, modern appliances and resurfaced countertops. Resident amenities include a swimming pool, three on-site laundry facilities, gated access and remote fobs for building entry.
“El Cortez benefits from a popular midtown location that is experiencing an increase in new development, walkable amenities and convenient access to downtown Phoenix,” said CBRE’s Smuckler.
The apartment community is located near St. Joseph’s Hospital and Medical Center and is within walking distance to the Central Avenue Corridor. Located directly north of El Cortez, a new Sprouts-anchored mixed-use development is currently under construction at the corner of 7th Avenue and Osborn Road.
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