Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced the sale of The Club at Coldwater Springs, a 251-unit apartment community located at 105 North Links Drive in Avondale, Ariz.
PM Club at Coldwater Springs Avondale, LLC (PEM Real Estate Group), represented by Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis, sold The Club at Coldwater Springs for $24 million ($95,618 per unit). Club at Coldwater Springs SIG, LLC (Shepard Investment Group, LLC) acquired the apartment community.
“The buyer was attracted to The Club at Coldwater Springs because it offered the opportunity to acquire a Class A multi-family community in a recovering submarket viewed as likely to see significant rent growth,” said Mr. Fogler.
Built in 2005, The Club at Coldwater Springs is a Class A garden-style apartment complex located in the Coldwater Springs master planned community just south of Interstate 10 at Avondale Boulevard. The complex offers 11 different one-, two- and three-bedroom floor plans, with options for covered parking and attached or detached garages. Community amenities include a clubhouse with kitchen and fireplace, two resort-style swimming pools and spas, a movie theatre, a fitness center, a business center and outdoor barbecue areas. The Club at Coldwater Springs enjoys spectacular views of the Coldwater Golf Club, a Forrest Richardson designed championship public golf course.