Strong Fundamentals of Multifamily Market in Greater Phoenix Attract Investors
Phoenix, Arizona – Stratford Partners of Del Mar, CA has purchased the Sage Condominiums at 1101 S. Sycamore Ave. in Mesa for $11 million.
“The buyer acquired this asset for long-term cash flow, given the strong fundamentals of the Greater Phoenix rental market and low interest rate environment,” said Chris Roach of Colliers International in Arizona. “The buyers are experienced in fractured condo transactions and have owned multifamily assets within this submarket.”
Stratford Partners, a private equity firm, purchased the community from SCR Acquisitions, LLC of Phoenix. Roach handled the sale transaction.
Sage Condominiums was built in 1986 and contains 96 condominium units configured in one and two-bedroom floorplans. Stratford Partners purchased 86 of the 96 units.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.