West Side Apartments Go For $6.1M
Lincoln Village Apartments, a 115-unit complex built in 1980, has sold for $6.1M. On Phoenix’s west side just off Interstate 17, Lincoln Village is 99% occupied. Colliers International of Greater Phoenix negotiated the deal, AZ Big Media reports.
“Lincoln Village is a perfect example of a property purchased to take advantage of rapid rising rents in the recovering west side of Phoenix,” Colliers senior VP Trevor Koskovich says. “The local buyer benefits from terrific long-term cash flow opportunities in a very favorable lending environment."
Benjamin Covaciu purchased the Black Canyon Corridor property, adding it to his existing Metro Phoenix multifamily portfolio. Lincoln Village sits at 2211 West Campbell Ave on five acres with 88k rentable SF. [AZBM]
