Central Phoenix Apartment Property Sells for $5.3 Million

Colliers International in Greater Phoenix has negotiated the $5,325,000 sale of Patio 15, a Central Phoenix apartment property located at 1523 West Colter St.

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“This property offered a great opportunity for the buyer to acquire real estate near the popular light rail system,” says Jeff Sherman, executive vice president with Colliers International.  “Patio 15 offers a unique combination of family-friendly two and three-bedroom apartment homes, which are particularly appealing in this neighborhood.”

 

The project was purchased by Don Saunders of Red Door, Alberta, Canada.  The buyer also owns Cedar Creek Apartments in Glendale.  Zev Hendeles of Phoenix was the seller of the property.

 

Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix handled the sale transaction.

 

Patio 15 was constructed in two phases during 1968 and 1969, followed by an extensive remodel in 2015.  The 15-building community offers 62 units totaling 49,300 square feet.  The property features a swimming pool, laundry facilities and 115 parking spaces.  Some of the units include in-suite washer and dryer.  Recent interior renovations include new appliances, refurbished cabinets, new bath fixtures and flooring. At the time of sale, Patio 15 as 97% occupied.

 

The Patio 15 community is situated on the west side of 15th Avenue, just one block north of Camelback Road.  The immediate neighborhood surrounding the property consists of a mixture of single-family homes, multifamily properties and nearby commercial.  Solano Park and Colter Park, as well as several schools are situated in close proximity.  Additionally, this location is highly convenient to freeway access, St. Joseph’s Hospital and several community colleges, as well as Grand Canyon University.

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