San Diego group buys central Phoenix apartment property

Posted By Mike Padgett

Aug. 13, 2008

A private capital group in San Diego is the new owner of a central Phoenix apartment complex across the street from the Phoenix Country Club.

ColRich paid $5.2 million to the seller, Newcastle Investments of Phoenix, for the Executive Plaza Apartments at 550 E. Earll Drive. The garden-style multifamily property is across Seventh Street from the country club.

The apartment complex has 92 units in eight two-story buildings. It is a few blocks east of Central Avenue, where the light rail system is set to open in late December.

The buyer and the seller were represented by Matt Lockin, associate, and by Bobby Bull, managing director of Transwestern’s Investment Services Group.

ColRich plans to renovate the apartments’ interior and exterior, budgeting more than $15,000 per unit. The rents will be increased, and the buyer plans to hold the property for three to five years. At that time, the property would be marketed to another investor or to a buyer interested in future redevelopment.

The two-acre property is zoned for high-rise to about 20 stories.

Newcastle is an investment group with assets in Phoenix and in Europe. ColRich, which buys apartments for conversion into condos, has invested in apartments in Ahwatukee and Chandler.

Aug 13th, 2008

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