GC Square Apartments in Phoenix has sold to Rise48 Equity, a regional multifamily investment group, for $31.02 million. Kidder Mathews’ Bret Zinn, Karl Abert, and Nathan Thinnes represented both the buyer and seller, Scottsdale-based development firm CaliberCos, Inc.
The 3.98-acre apartment community is located at 3535 West Camelback Road in the rapidly gentrifying West Phoenix neighborhood. The property is adjacent to Grand Canyon University (GCU) and comprises sixteen two-story buildings equaling 72,368 in rentable square feet. An extensive renovation was completed 2019, totaling $7.3 million.
“Renovated and stabilized communities are very scarce and rarely sold in the West Phoenix and I-17 corridor,” said Zinn. “With the enduring supply chain challenges and increasing costs in both labor and materials, multifamily renovations are becoming an ever more expensive and timely endeavor. The GC Square acquisition enabled Rise48 Equity to cash flow from day one.”
The apartments are 100% furnished — an increasingly common trend in Phoenix and a draw for the 23,000 students at GCU.
“Given the huge net-in migration Phoenix is currently experiencing, we have clients yielding good results in offering furnished units for small square footage studio and one bedroom, one-bathroom units,” said Abert.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.