Adaptive: Adaptive reuse development in Phoenix bought for $4M sells for $36M

An adaptive reuse project near Paradise Valley Mall has sold for $36 million. The Cactus Forty-2 apartments were sold by a joint venture operated by Southwest Next Capital Management's Joe Meyer and Cachet Homes' Matt Cody to a Texas buyer, Olympus Property. The 200-unit complex sold for $180,000 per unit. Cody said he and Meyer bought an old medical office building at the same property in November 2012 for roughly $4 million. Cody said that two-story, 35,000-square-foot building was built...