CBRE has completed the sale of Copper Palms apartments, a 206-unit apartment community located at 12810 N. Cave Creek Road in Phoenix. The property commanded a sale price of $13.9 million and was 95 percent occupied at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was Paradise Shadows Phoenix, LP of Phoenix. The buyer was Copper Palms, LLC, an entity formed by Rancho Santa Fe, Calif.-based CVG Properties.
“Copper Palms offers investors excellent value-add potential,” said CBRE’s Cunningham. “In addition to selling well below replacement cost, the property was unencumbered by existing debt, allowing the buyer to take advantage of the current attractive financing environment. With the right upgrades to both units and common areas, the buyer should see significant return on investment.”
Developed in 1986, Copper Palms is an infill multifamily community located in the North Phoenix submarket. The property benefits from proximity to access to major transportation corridors and the Deer Valley, Desert Ridge, Scottsdale Airpark and Camelback employment districts are all within a fifteen-minute commute. Additionally, Copper Palms is close to desirable retail and lifestyle amenities, including Paradise Valley Mall, which is located less than five miles east of the
Community, and Desert Ridge Marketplace and Kierland Commons, each located approximately eight miles from the community.