Cushman & Wakefield announced today the $36.25 million sale of Madera Court, a 561-unit apartment community located at 8135 North 35th Avenue and 3221 West El Camino Drive in Phoenix, to Phoenix-based 3rd Avenue Investments, LLC.
Jim Crews and Brett Polachek from the Cushman & Wakefield Phoenix office represented the seller, B.H. Properties of Los Angeles.
Situated on 18.6 acres the property offers studio, 1- and 2-bedroom floor plans with an average unit size of 703 square feet. Built in 1982, with the original interiors still in place, Madera Court is considered a viable candidate for an interior and exterior renovation. Potential projects may include new appliance packages, flooring, painting, washers & dryers, fitness center, clubhouse and leasing center.
“This acquisition gives the buyer the opportunity to upgrade the common areas and unit interiors in this re-gentrifying area of North Central Phoenix. The area continues to see increased job growth and improved multi-family operations due to a general increase in Phoenix’s economic conditions,” said Crews
Madera Court has excellent curb appeal and good visibility on 35th Avenue, which accentuates the community’s amenities package including four swimming pools, four spas, covered parking, four laundry facilities and grilling areas. The property is in close proximity to I-17 and US-60 and is situated on the METRO bus line. In addition, the METRO Light Rail is less than three miles from the property.