Zazu Apartment Homes Purchased by Los Angeles Investor
Tides Equities of Los Angeles, a private capital provider with institutional background, purchased the property from Toronto-based Emma Capital. Chris Roach of Colliers in Arizona represented the seller in the transaction, and the buyer 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.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Colliers in Arizona has served clients locally and globally for more than 40 years.