Commercial real estate firms Hamick Asset Management, BluSky Equity Partners, and Vista Laguna Asset Management announce the joint acquisition of Cornell Apartments in Phoenix, Arizona.
The teams are led by Tim Hamick at Hamick Asset Management, Greg Butcher at BluSky Equity Partners, and Mark Lenning at Vista Laguna Asset Management.
The investment leads commented: “We’re very pleased to add Cornell to our Arizona portfolio and are encouraged and excited by the strong economic growth in the Phoenix MSA, led by population growth, employment growth, and the peerless quality of life residents enjoy there.”
“With limited new supply in this part of the city,” they continued, “we have the opportunity to make this a highly desirable retro-boutique asset that’s perfect for young professionals with families commuting to nearby job centers.”
Cornell is a mid-century 51-unit apartment complex, originally built in 1968 and renovated in 2006-08 and 2019-21. It is located in North-Central Phoenix only two blocks from the Phoenix Light Rail on 19th Avenue. This makes it a short drive or ride on the light rail to major job centers in Midtown and Downtown Phoenix and the Camelback Corridor, which collectively host nearly 200,000 jobs. The original 48 units were expanded by the construction of three additional units during the property’s renovations, increasing the property to 51 units.
Residents at Cornell enjoy access to a modern, attractive swimming pool; grassy, shaded courtyards; and covered parking; as well as the security of the property’s fencing, keycode-access gates, lighting, and camera system. Select units also enjoy private patios or balconies. Interior amenities include granite countertops, under-mounted sinks, stainless steel appliances, and in-unit washer/dryers. The unit mix of primarily two and three-bedroom units is attractive to families, and three-bedroom units are rare in the submarket. The average unit size of 1,064 square feet is also significantly larger than average for the area.
This is the 28th asset across multiple markets to be added to the collective portfolio for Hamick Asset Management, BluSky Equity Partners, and Vista Laguna Asset Management. Combined, this team owns and operates over 1,000 multifamily units worth over $93M across Arizona, Texas, and Michigan, and is uniquely positioned to lead the optimization and growth of this property.
The new ownership group intends to further improve Cornell’s pool and courtyard areas, additional beautification and rebranding, building additional private patios, select interior improvements, and constructing two more units, expanding the property to 53 units. They are contracting with CAM Properties for professional property management services.
About Hamick Asset Management
Hamick Asset Management LLC, founded in 2016 by Tim Hamick, is a real estate investment company that specializes in the purchase of and investment in multi-family and multi-tenant real estate assets. Geographic areas of focus for potential asset purchases include Dallas Fort Worth, Houston, Austin, San Antonio and other markets throughout Texas, Colorado, Arizona, Florida and Michigan. Learn more at www.hamick.co.
About BluSky Equity Partners
BluSky Equity Partners was founded by husband-and-wife team Tina and Greg Butcher. Their company’s goal is to make commercial real estate investments accessible to ordinary people, with an emphasis on military and veterans, to help them grow their wealth with confidence and live their lives on their own terms. To date, BluSky Equity Partners has acquired over $85 million in multifamily real estate in Arizona and Texas in partnership with other general partners. Learn more at https://BluSky-equity.com
About Vista Laguna Asset Management
Vista Laguna Asset Management, founded by Mark Lenning, locates, acquires and manages underperforming for-lease multifamily assets in high-performing markets across the U.S., driving value in their investments and superior returns for their investors. They are currently focused on several Texas markets, Denver, and Phoenix and Tucson, Arizona.
BluSky Equity Partners, LLC