Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed $12.8 million acquisition of Ocotillo Apartments, a 173-unit apartment community located at 1780 West Missouri Avenue in Phoenix, Ariz. A total of 118 units within the property are slated as affordable housing.
Robert Stepp and Mark Witsken of Stepp Commercial represented the buyer, a Los Angeles-based private investment group. The seller was a Phoenix-based private investor.
“Our buyer client saw this asset as a good fit to expand its existing Southern California-based affordable housing portfolio and enter into Phoenix, a market that is experiencing continued favorable growth fundamentals,” said Stepp. “We worked closely with the City of Phoenix over many months to meet its affordable housing acquisition requirements and ensure a timely closing for the buyer.”
Built in 1973 and renovated in 2014, the eight-building low-rise property is situated on 4.05 acres. It offers a mix of studio, one-bedroom and two-bedroom units and features a swimming pool, secure gated entry, clubhouse, shaded BBQ area, two laundry facilities and covered parking. Ocotillo Apartments are situated less than a mile from Interstate 17 and is within walking distance to a light rail stop, Christown Spectrum Mall, among a number of other convenient amenities.