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Cushman & Wakefield Negotiates Sale of Garden-Style Property

PHOENIX, September 26, 2016 – Cushman & Wakefield announced today the $21 million sale of Maya Linda, a 360-unit apartment community located at 8222 N. 19th Avenue in Phoenix, to Phoenix-based Pacific Real Estate Partners.

Jim Crews and Brett Polachek from the Cushman & Wakefield Phoenix office represented the owner, MG Properties of San Diego, Calif.

“This property received significant buyer interest due to its location on the newly-opened METRO Light Rail line, coupled with the opportunity to improve the unit interiors and increase operating revenue,” said Crews.

Situated on 10.5 acres and totaling 213,288 square feet (SF) of space, the property offers studio, 1- and 2-bedroom floor plans with an average unit size of 592 SF. Built in 1981, with the original interiors still in place, Maya Linda is considered a viable candidate for an interior and exterior renovation. “With new flooring, cabinet doors, an updated appliance package, fixtures and lighting, it is believed there is significant upside in the rent,” added Crews.

The garden-style community benefits from good visibility on 19th Avenue and is conveniently situated with easy access to I-17, Loop 101 and SR-51.  In addition, the METRO Light Rail northwest extension opened in March with a station located a six-minute walk from the property.

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 43,000 employees in more than 60 countries help 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 $5 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.