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Northern California Buyer's $7M Earns 173-Unit Deed

PHOENIX-Access for Disabled Americans lays down $6.5 million for Ocotillo Apartments, a class C complex with a 93% occupancy and a highly visible location in north central Phoenix.

By Jennifer D. Duell | Updated on May 18, 2005

PHOENIX-Ocotillo Apartments, a 173-unit, class C complex in north central Phoenix, has traded hands for $6.5 million. Access for Disabled Americans–Ocotillo LLC of Pleasanton, CA purchased the property from Santa Barbara-based Ocotillo Apartments Investments LLC.

Located at 1780 W. Missouri Ave., the 93%-leased Ocotillo Apartments contains 62 studios in 400-sf layouts; 85 one-bedroom units ranging from 568 sf to 600 sf; and 26 three-bedroom apartments with 829 sf. Monthly rents range from $480 to $710.

“This is a pride of ownership property with strong occupancy,” says Brett Polachek, a director with Cushman & Wakefield of Arizona Inc. who partnered with Todd Braun on negotiating the sale.

According to Polachek, Access for Disabled Americans was attracted to the property because it has strong curb appeal. The 31-year-old complex also is within walking distance of a proposed light-rail station at 19th and Montebello avenues.

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