Cushman & Wakefield Negotiates Sale of 10.42-Acre Palm Valley Multifamily Site

PHOENIX, Dec. 27, 2017 – Cushman & Wakefield completed the sale of a 10.42-acre, 188-unit multifamily development site, located north of the northwest corner of 145th Avenue and McDowell Road in Goodyear, Ariz. NextGen Apartments – Goodyear 145, LLC of Scottsdale, Ariz. purchased the property from NLW Arizona, LLC of Buellton, Calif., for $2.2 million ($11,702 per unit/$4.85 per square foot).

Executive Managing Directors Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller.

The fully entitled multifamily development site is part of the Palm Valley master-planned community, and sits adjacent to a Lifetime Fitness and nearby new Harkins Theaters.

NextGen Apartments specializes in the construction, management, and acquisitions of apartment complexes throughout Metro Phoenix. Along with the recent 10.42 acres in Goodyear, NextGen is currently sourcing land for development of projects in Mesa, Ariz; Chandler, Ariz; Gilbert, Ariz; Tempe, Ariz; and Peoria, Ariz. Typical projects for the company are based on 10-15 acre parcels.