PHOENIX, ARIZ. – Lee & Associates Arizona brokered the sale of Connect on Union in Phoenix for 16.5 million. Lee & Associates Principal Todd Braun represented the seller, Union Hills Equity LLC, and the buyer, Western Wealth Capital, was assisted by Ric Holway of Berkadia Real Estate Advisors.
Located at 2311 E. Union Hills Drive, the 146-unit, two-story apartment complex built in 1985 boasts a strong location and proximity to large employment generators such as: Paradise Valley Community College, American Express, Mayo Clinic and Deer Valley Airport. The property also provides a value-add opportunity through unit interior upgrades while providing the purchaser a stable and improving operational track record.
“The Connect on Union apartments offering received significant investor interest due to the chance to acquire a well-located asset with a value add opportunity,” said Braun. “Of the offers received, the seller selected the Western Wealth Capital offer because they have a very strong reputation as being a buying entity that is a proven performer and has arguably been the largest buyer of non-institutional grade multifamily properties in Arizona during the last two years.”
For more information on the property, visit www.leearizona.com, or contact Braun at (602) 474-9550.
About Lee & Associates Arizona
Lee & Associates specializes in providing exceptional commercial brokerage services to the retail, industrial, office, land and investment sectors of the Phoenix commercial real estate market. Each of the nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.