By Roland Murphy for Arizona Builder’s Exchange
CBRE has announced the sale of 146 of 165 units in the historic midtown Phoenix El Cortez condominium development.
California-based FPA Multifamily, LLC purchased the space from El Cortez Condominiums, LLC, of Gilbert for $6.4M. FPA plans to renovate the 2.36 acre property as a micro-housing development. CBRE’s Phoenix office represented both parties.
El Cortez consists of mostly studio floor plans averaging 400SF with private patios or balconies and floor-to-ceiling windows.
The complex has a shared courtyard and swimming pool, with on-site laundry facilities and gated access. It is located in the Melrose District on 7th Avenue south of Osborn Road. The property was created as a resort hotel by TV personality Art Linkletter in 1964 and later converted into condos.
FPA Multifamily is the owner/developer. Timeline, architect and general contractor information was not available at press time.