ColRich Multifamily Sells Plaza 550 Multifamily Asset in Phoenix for $11.8M
PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million.
Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware.
Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.