Phoenix, Arizona – CBRE announced the sale of Fairways at Cave Creek, a 376-unit value-add multifamily community, located at 2140 W. Thunderbird Rd. in Phoenix. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller in the transaction. The buyer is Los Angeles, California-based Tides Equities, a commercial real estate investment firm specializing in Class B and core plus multifamily properties located across the western U.S.
“Fairways at Cave Creek presented an attractive value-add opportunity, centrally located in North Phoenix,” said CBRE’s Pesch. “The community has a quiet setting adjacent to Cave Creek Golf Course. At the same time, residents benefit from immediate access to Interstate-17, which connects to major employment and retail destinations in the North Valley.”
Built in 1981, Fairways at Cave Creek features a desirable low-density site plan with abundant common area amenities including two swimming pools and spas, fitness center, resident clubhouse, picnic areas with barbeque grills, and an onsite laundry facility. Studio, one-, two- and three-bedroom floor plans have well-appointed kitchens, walk-in closets and private patios/balconies.