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Pro Residential Acquires Cove on 44th Apartment Complex in University Hub

Phoenix Multifamily
Pro Residential Acquires Cove on 44th Apartment Complex in University Hub

A California investor has picked up a 254-unit, Class-B apartment complex in Maryvale for $7.9M ($31k/unit). Colliers International's Bill Hahn, Jeffrey Sherman and Trevor Koskovich brokered the sale. Trevor tells us the submarket has been rebounding, and the proximity to Phoenix College, Grand Canyon University and Universal Technical Institute--and all those Millennial students--should feed demand. According to State records, Pro Residential purchased Cove on 44th (at 44th Avenue) from LA-based Safco Capital. The buyer acquired a clean building with solid cash flow and an upside through modest interior improvements, Trevor says.