Newmark Knight Frank Directs $22.2M Sale of Value-Add Multifamily Community in Phoenix
PHOENIX — Newmark Knight Frank Multifamily has arranged the sale of Cabana at the Pointe, a garden-style community located at 1829 E. Morten Ave. in central Phoenix. Colorado-based JM Logan LLC acquired the property from Arizona-based Cornerstone – Deco Cabana Pointe LLC for $22.2 million.
Brad Goff, Brett Polachek and Chris Canter of Newmark Knight Frank Multifamily represented the buyer in the deal.
Constructed in 1980 and last renovated in 2013, the property features 180 apartments in a mix of studio, one- and two-bedroom layouts with patios/balconies, ceiling fans, walk-in closets and newer appliances. Community amenities include a resort-style pool, outdoor fire pit, fitness center, bike storage area, two laundry facilities and a dog park.