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PHX Condos to Become Micro Housing

Photo courtesy of CBRE

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.

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