North Central News

Apartment complex sold to Canadian company

Cushman & Wakefield of Arizona, Inc. negotiated the $10.85 million sale of City 15, a multi-family property located at 4728 N. 15th St.

City 15

City 15

City 15 was built in 1969 and contains 26 buildings with 161 units. The property was 96 percent occupied at the time of the sale.

Mica Creek-Sagamore Capital Partners of Phoenix sold the property to Retirement Concepts of Vancouver, B.C., Canada. The sale price brought $67,391 per unit, which equates to $102 per square foot.

“The property attracted a lot of attention given its location,” said Brett Polachek of Cushman & Wakefield. “City 15 has undergone interior and exterior renovations and has captured the demand for urban living.”

Polachek and Jim Crews of Cushman & Wakefield represented the seller in the transaction.

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