Colliers International in Greater Phoenix has negotiated the $4,550,000 sale of Golden Key apartments at 3675 W. Osborn Rd. The property was purchased by a Phoenix investor with an existing portfolio of local properties.
“Golden Key is situated in a dynamic submarket that has experienced rent growth of six percent year over year and has no new multifamily construction planned,” says Bill Hahn, executive vice president of Colliers International in Greater Phoenix. “The community offers opportunity for modernization and value appreciation.”
Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix negotiated the sale transaction. Golden Key Apartments, LLC sold the property to Lili Rubin Investment Properties, LLC. Both are Arizona limited liability companies.
Golden Key consists of six, two-story buildings situated on 2.94 acres. Built in 1980, the property contains 91 apartment units totaling 62,363 square feet. The property was 95% occupied at the time of the sale. The studio, one and two-bedroom units range in size from 425 to 883 square feet. Golden Key features a swimming pool, laundry facilities, on-site management/leasing and 139 parking spaces.
Located in central West Phoenix, Golden Key is situated just two miles from the dynamically expanding Grand Canyon University. A variety of retail amenities and hospitals surround the property and Interstate 17 is accessible just one mile east of the community.