Contemporary 200-unit Class A apartment community located in Northeast Phoenix
Cushman & Wakefield announced today the firm has brokered the sale of Cactus Forty-2, a 200-unit Class A apartment community located at 4242 East Cactus Road in the commercial heart of upscale Paradise Valley in metropolitan Phoenix, Arizona. The buyer was Los Angeles area-based Ezralow Company, LLC, which acquired the contemporary multifamily property from Fort Worth, TX-based Olympus Property for $56.05 million.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.
“Cactus Forty-2 is a highly attractive infill Class A multifamily community located near the soon-to-be renovated Paradise Valley Mall,” said David Fogler, Executive Managing Director. “The community has been very well maintained since first developed in 2014 and provides residents with highly attractive unit interiors combined with exceptional amenities.”
Cactus Forty-2 consists of studio, one-bedroom and two-bedroom units featuring nine-foot ceilings, hardwood-inspired flooring, stainless steel kitchen appliances, granite countertops, marble bath vanity and large soaking tub in the bathrooms. Units also include full-size washer/dryers with private patios/balconies available in some floor plans.
On-site amenities include a resort-inspired pool and spa, outdoor kitchen, fireplace and gathering space, fitness center, clubhouse, pet park, covered parking, gated access, and Phoenix mountain views.
Cactus Forty-2 fronts the highly trafficked Cactus Road, has walking proximity to the soon-to-be renovated Paradise Valley Mall and easy access to world class entertainment, shopping and dining venues in North Scottsdale and North Phoenix. The location is also convenient to SR-51.