Approximately 1.0-acre high-rise apartment redevelopment site in downtown Phoenix has sold paving the way for another multufamily high-rise. The buyer, Masyno Holding LLC, Anthony Bibars and Kal Bibars as Principals, acquired the transit-oriented property located at the northwest corner of 1st and McKinley streets for $12 million / ±$276 per land square foot.
Bound by three streets, the two-parcel property provides for intense densities up to a maximum of 741 residential units. The location is strategically positioned within a few blocks of multiple Light Rail stations.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, Glasir Capital Partners (Nick Lynum, Alan Robinson – Principals), in the transaction. The buyer was represented by Mark Bramlett with Lee & Associates.
“This is a prime high-rise residential site centrally located in the heart of Downtown Phoenix. The buyer capitalized on a great opportunity with the ability to close escrow in two weeks,” said Steven Nicoluzakis, Executive Managing Director.
“Phoenix’s urban revival has transformed the Central Corridor into a 24-hour live-work-play environment that offers a dynamic mix of shopping and nightlife, along with a significant presence of education and medical. Light Rail access is another key influence of the area,” added Nicoluzakis.
The property is well positioned near major employment and an abundance of sought-after amenities and convenient transportation services found in Phoenix’s central business district. The Phoenix Convention Center, University of Arizona College of Medicine, Arizona State University Downtown Campus, and Margaret T Hance Park are also within walking distance. The property is also within minutes of Interstate 10.
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