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Central Phoenix Apartment Community Sells for $43+M

Zazu Apartment Homes Purchased by Los Angeles Investor

PHOENIX – Colliers in Arizona facilitated the sale of Zazu Apartment Homes at 1502 E. Osborn Road in Central Phoenix to a Los Angeles-based investor for $43,750,000. 

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. 

About Colliers
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.

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Chris Roach

Vice President

Phoenix

Chris Roach is a vice president with Colliers and member of the Cooke Multifamily Team—one of the top multifamily teams in the nation. The team includes Cindy Cooke, Brad Cooke, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Eric Blair, Nicholas Solo, Alice Bean, Aimee DeYoung and Kellyanne Kennedy.

The Cooke Multifamily Team focuses on institutional and private equity assets, ranging from core plus to workforce housing across the United States.

Chris has emerged as a proven leader within the multifamily market, with clients that include institutional, private equity and individual investors. His in-depth understanding of both investment sales and capital markets enables him to complete complex transactions, while ensuring a smooth process for all parties. His experience includes market rate and affordable housing, bulk condominium sales, mixed-use, new construction, land and complex value-add transactions.

Clients and colleagues find Chris to be diligent, persistent, knowledgeable, trustworthy and responsive. His proven track record of success within an ever-changing marketplace has allowed him to forge deep client relationships while continually achieving superior results.

Chris joined Colliers in 2018, with extensive experience in sales, marketing and entrepreneurship. His background in both business and sports gave him exceptional skills in sales, analysis and negotiations. Previously, Chris joined ORION Investment Real Estate in Phoenix in 2014, where he was a senior vice president of multifamily investment sales.

An early source for Chris's drive and determination was his successful college career playing Division 1 baseball.

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