Buyer Sees Value-Add Opportunity in Fast Growing Corridor
Cordoba, a 352-unit apartment community in Phoenix, has been sold. Greystar of South Carolina purchased the property, recognizing the upside potential of the property that is located within one of the fastest growing employment corridors in Greater Phoenix.
“Greystar’s ability to understand the local market and craft a well-articulated business plan propelled them to the top of the selection process,” said Brad Cooke of Colliers in Arizona. “The transaction was a flawless execution from both sides.”
Greystar of Charleston, SC purchased the property from Dallas-based Cordoba Apartments LLC. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction.
Cordoba is located at 4520 E. Baseline Rd. in Phoenix and contains 352 units totaling 260,304 square feet. Originally built in 1986 and modernized in 2018-2020, the property features a mix of one-, two- and three-bedroom units averaging 740 square feet. The property was 99 percent leased at the time of the sale.
The community is located within a dynamic, infill area that offers more than 1.2 million jobs within a 30-minute commute. The buyer plans to continue value-add renovations to the property. The renovations recently completed by the seller include modernization of common area amenities and chic interior renovations for 40 percent of the units. Those renovated units have resulted in $300+ premiums for select floor plans, indicating to the buyer that cashflow improvements are all but certain with continued renovation of the remaining 60 percent of units.
Cordoba is situated along Baseline Road near the Interstate 10 and US 60 interchange. This constitutes one of Arizona’s most active employment corridors, minutes from Sky Harbor International Airport, Downtown Tempe, Downtown Phoenix and Chandler.