Phoenix, Arizona – CBRE’s Multifamily Investment Group recently completed the sale of Mission Villa Apartments, a fractured condominium in East Phoenix. The sale consisted of 64 units in a 66-unit condominium complex located at 3001 North 32nd Street in Phoenix and commanded a sale price of $3.52 million, or $55,000 per unit.
The buyer was Trinity Apartments of Canada. The sellers were the Romeli Group, LLC., Allen Iseri and Patricia F. Iseri, Supra Color Enterprises and Midence Family Limited Partnership. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.
The 66-unit property was originally constructed in 1970. The property is comprised largely of two bedroom/two bath units averaging a thousand sq. ft. The buyer, Trinity Apartments, has plans to perform major renovations in order to reposition the asset.