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Cordoba Apartments in Tempe sold to Greystar

Buyer sees value-add opportunity in fast-growing corridor

PHOENIX, August 23, 2021 – Cordoba, a 352-unit apartment community in Phoenix, was purchased by Greystar of South Carolina in recognition of its upside potential with a location in one of the fastest growing employment corridors in Greater Phoenix.

“Greystar’s ability to understand the local market and craft a well-articulated business plan propelled them to the top of the selection process,” said Brad Cooke of Colliers in Arizona. “The transaction was a flawless execution from both sides.”

Greystar of Charleston, South Carolina purchased the property from Dallas-based Cordoba Apartments LLC. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction.

Cordoba is located at 4520 E. Baseline Road in Phoenix and contains 352 units totaling 260,304 square feet. Originally built in 1986 and modernized in 2018-2020, the property features a mix of one-, two- and three-bedroom units averaging 740 square feet. The property was 99 percent leased at the time of the sale.

The community is located within a dynamic, infill area that offers more than 1.2 million jobs within a 30-minute commute. The buyer plans to continue value-add renovations to the property. The renovations recently completed by the seller include modernization of common area amenities and chic interior renovations for 40 percent of the units. Those renovated units have resulted in $300+ premiums for select floor plans, indicating to the buyer that cashflow improvements are all but certain with continued renovation of the remaining 60 percent of units. 

Cordoba is situated along Baseline Road near the Interstate 10 and US-60 interchange. This constitutes one of Arizona’s most active employment corridors, minutes from Sky Harbor International Airport, Downtown Tempe, Downtown Phoenix and Chandler. 

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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Cindy Cooke

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Phoenix

As a senior executive vice president with Colliers, Cindy Cooke leads the Cooke Multifamily Team—one of the top full-service multifamily investment teams in the nation. Team members are Brad Cooke, Chris Roach, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Eric Blair, Nicholas Solo, Alice Bean, Aimee DeYoung and Kellyanne Kennedy.

Cindy and her team work with sellers and qualified buyers across multiple markets, with a platform that allows them to effortlessly navigate across state lines. Multifamily asset types served include luxury, core, value add, high-rise, new development, student and workforce housing, and land.

With over 38 years of experience, Cindy’s multifamily expertise includes large portfolio sales, conventional and affordable assets, new development, construction, property assemblage, and debt/equity placements.

Her ability to maximize value, minimize risk and accelerate velocity for clients is the driving force behind all of Cindy’s decisions. She leverages her in-depth experience and long-term industry relationships to benefit the team’s institutional and large private capital clients and provides the market insights clients need to make strategic investment decisions.

Cindy is involved in every aspect of the transaction from start to finish and understands the importance of each step, from asset evaluation to marketing to buyer qualification and negotiations, due diligence, financing and closing. She delivers unmatched service through a hands-on, personal approach, with a primary focus on building valued client relationships.

The Cooke Multifamily Team serves and supports its clients with integrity, respect and kindness and is the advisor of choice for many of the world’s most innovative and successful companies. Our team consistently meets and exceeds client expectations and ensures each transaction is completed as smoothly as possible, with no detail unnoticed.

Cindy's experience at Colliers has provided her with national and international exposure. In addition to her multifamily brokerage business, she served as Interim Manager and Designated Broker for Colliers in Arizona in 2005. From global conferences in Shanghai to daily interactions with more than 150 Arizona brokers and staff, Cindy helped lead the Arizona to become one of the top Colliers markets worldwide.

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His ability to strategize, coupled with extensive industry knowledge, produces exceptional results for clients, as evidenced by the team’s 100% closing ratio and high degree of repeat business and referrals.

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Brad’s background includes serving as designated broker/owner of Interlock Realty, a residential real estate firm, and as the leasing agent for over 1 million square feet of industrial space. His real estate career began in 2002, as an office leasing agent, and has since been exposed to all areas and facets of the real estate industry.

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Matt Roach

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Matt's analytical nature and tenacity make him a valuable member of the team. He is well-versed in financial modeling, forecasting and strategic positioning of multifamily assets. He maintains a keen pulse on the market through macro and microeconomic drivers that can affect individual property activity.

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

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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.

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