By AZRE
Cushman & Wakefield announced the firm has brokered the sale of an approximately 1.0-acre high-rise apartment redevelopment site in downtown Phoenix, Arizona. The buyer, Masyno Holding LLC (Anthony Bibars, Kal Bibars – Principals), acquired the transit-oriented property located at the northwest corner of 1st and McKinley streets for $12 million — or about $276 per land square foot.
Bound by three streets, the two-parcel property provides for intense densities up to a maximum of 741 residential units. The redevelopment site in downtown Phoenix is strategically positioned within a few blocks of multiple Light Rail stations.
