Cushman & Wakefield of Arizona, Inc. has completed the $8.6 million sale of Colony Apartments, located at 4337 N. 53rd Lane in the Maryvale suburb of Metro Phoenix.

The property was purchased by CalCap Properties, Inc. of Pasadena, Calif.

The Colony

and sold by Maryvale Urban Investments, LLC dba Bank of America.  Built in 1979, Colony Apartments consists of  236 one and two-bedroom units averaging approximately 900 square feet each.  The $8.6 million sale price equates to $36,441 per unit and $40.47 per square foot. 

“The purchase of the Colony apartments represent an excellent opportunity for the new owner to upgrade the units and take advantage of the general growth in the Phoenix multi-family market, ”said Jim Crews, senior director with Cushman & Wakefield. 

Crews and Brett Polacheck of Cushman & Wakefield’s Multifamily Advisory Group negotiated the transaction.