CBRE announced the sale of five Arizona apartment communities totaling $13.43 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix arranged the following transactions:
Crowne Pointe, a 35-unit garden style apartment community at 1815 W. Colter Street in Phoenix sold to 1815 CP, LLC of Brea, California for $4 million. The seller was MV2P Real Estate, LLC. The property features two-bedroom floorplans averaging 850 square feet, fully-appointed kitchens, full-size electric appliances and ceramic tile flooring. Crowne Point is less than one mile to Christown Spectrum Mall and its adjacent Valley Metro light rail station.
Urbana on Myrtle, LLC of Phoenix acquired Palm View Manor, a 20-unit apartment community located at 1914 W. Myrtle Avenue in Phoenix from Lawrence Kent Shafer (Trustee, Living Trust of Lawrence Kent Shafer) for $2.2 million. The single-story community is comprised of all two-bedroom one-bath floorplans that average over 950 square feet.
Downtown Phoenix apartment community, Central Oasis, was acquired by Clear Sky Capital, Partners XVI, LLC of Phoenix for $1.5 million. The seller was The Saunders Family Trust. Located at 402 N. 10th Street, the 14-unit garden-style community is comprised of studio, one-, two- and three-bedroom floorplans that range from 408 to 912 square feet.
The Heather Trommald Living Trust of Huntington Beach, California purchased Tower Vista, a 17-unit apartment community at 2942 N. 34th Place from The Saunders Family Trust for $1.73 million. The property is situated in East Phoenix/Lower Arcadia Submarket, where average rents are 14 percent greater than the metro Phoenix average, according to CBRE Research. The property’s unit mix features one- and two-bedroom floor plans ranging in size from 550 to 750 square feet.
Brian Smuckler and Jeff Seaman, along with Jonathan Smith of CBRE Affordable Housing arranged the $4 million sale of Vermillion View, a 72-unit apartment community in Page, Arizona. The seller was Wescap Investment, Inc. of Phoenix and the buyer was Tablerock Capital of Mountain View, California.
About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.