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.
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Colliers in Arizona has served clients locally and globally for more than 40 years.