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Central Phoenix Apartment Community Sells for $43+M

Zazu Apartment Homes Purchased by Los Angeles Investor

Zazu Apartment Homes at 1502 E. Osborn Rd. in Central Phoenix has been sold to a Los Angeles-based investor for $43,750,000.

Toronto-based Emma Capital sold the property to Tides Equities of Los Angeles. Chris Roach of Colliers in Arizona represented the seller in the transaction. The buyer, which is a privae capital provider with institutional background, was self-represented.

“The buyer was attracted to this asset because of its strong occupancy and opportunity to modernize the property finishes and appearance,” said Roach.

Zazu Apartments offers studio, one- and two-bedroom floor plans averaging 791 square feet in size. It sits in a dynamic location surrounded by strong employers, freeway access and proximity to Downtown Phoenix. The community contains 185 apartment units situated on 7.13 acres. Kitchens are equipped with stainless-steel appliances and granite countertops in select units. Community amenities include a relaxing, beach-inspired pool, poolside lounge, media room, fitness center, mini-golf area, and laundry facilities. The units were 99 percent leased at the time of the sale.