Sperry Van Ness Represents the Buyer in the $2.4 Million Sale of Los Compadres Apartments

Los Compadres Apartments
Los Compadres Apartments

Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, represented the buyer, Pat Stojak of Cojak Properties, LLLP, in the sale of Los Compadres Apartments. The 96-unit multifamily complex is located at 3518 W. Dunlap Avenue in Phoenix, AZ and sold for $2,400,000 or $25,000 per door.

“I was happy to acquire an amazing multifamily deal at $25k/unit and $25/SF,” said Pat Stojak of Cojak Properties. “Carrick Sears and Neil Sherman were instrumental in bringing us this opportunity and helping us bring it to fruition given the complexity of the purchase with the neighboring condos. We are looking forward to adding another 96 units to our multi-family portfolio.”

“The existing portfolio has been enjoying close to 95% occupancy due to management provided by Cojak Properties LLLP and its manager Les Boynton and his team at Second Chance Rentals,” said Sears. “Les can take almost any property and get up to 90% occupancy within 90 days.”

“This was an interesting deal, almost like a broken condo project, but not quite, as all 96 units were on one tax parcel, but adjacent to condos that were sold off individually during a prior conversion” said Carrick Sears of Sperry Van Ness, LLC. “This property has excellent street frontage and visibility to attract tenants and a large main office to make it a viable opportunity.”

The seller, DJS Los/Com was represented by Dawn Demarco of CityWalk Real Estate.

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