CBRE has completed the sale of the 43-unit Coronado 137 apartment community in Phoenix. Equity Advantage, Inc., an Oregon-based 1031 exchange buyer acquired the property from Phoenix-based Coronado 137 LLC for $7.5 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke with CBRE in Phoenix represented the seller in the transaction.
Located at 137 E. Coronado Road in the desirable Coronado Historic District in Downtown Phoenix, the property offers a mix of studio lofts, one- and two-bedroom units that range in size from 525 square feet to 675 square feet. The apartment community was built in 1971 and extensively renovated and repositioned in 2019. Interior unit features include wood-plank vinyl flooring, white shaker cabinets, quartz countertops, stainless steel appliances and in-suite washers and dryers in select units. The property is nearby to light rail stops, restaurants, shopping, museums, galleries, parks and entertainment venues.
Coronado 137 is situated within in a dynamic Phoenix location where rental rates have increased 39.7 percent over the last year, according to CBRE Research.
“The seller accomplished a successful renovation and repositioning of the property, adding the high-end finishes that draw residents to Class A apartment communities,” said CBRE’s Seaman “With strong submarket fundamentals, and in-place rents are currently 26 percent lower than Class A communities in the submarket, this is an outstanding investment for the buyer.”