Parkside Apartments Sold to California-based Investor

PHOENIX, April 10, 2017 – Cushman & Wakefield announced the $9 million sale of Parkside Apartments, located at 1801 South Cutler Drive in Tempe. The 100-unit apartment community was purchased by California-based Devistar II Properties, LLC for $90,800 per unit.

Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, Clear Sky Capital Parkside LP of Phoenix. Rick Horst of Keller Williams Arizona Realty represented the buyer.

Built in 1962, Parkside Apartments offers studio, one- and two-bedroom floor plans with an average unit size of 683 square feet. Spanning 7.2 acres, the single-story community features large courtyards, oasis style swimming pool, clubhouse, barbecue grills, coffee bar, new fitness center and on-site laundry. With great value-add potential, the property is in close proximity to major valley freeways, Arizona State University, Tempe Town Lake and Mill Avenue.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.