Phoenix, Arizona – CBRE has completed the $18.73 million ($117,000 per unit) sale of Bella Solano, a 160-unit apartment community located at 5656 N. 17th Ave. in Phoenix. Luna Bear Phoenix, LLC was the seller. The buyer was Tides of 17th Partners, LLC.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller in the transaction. CBRE Capital Markets arranged the bridge debt financing for the acquisition of the property.
The property was originally constructed in 1971 with a second phase added in 1985. It features well-designed studio, one- and two-bedroom floor plans with fully-appointed kitchens. Community amenities include attractive courtyards with resort-style grounds, a swimming pool, covered parking, laundry facilities, barbeque grills, a fitness center and clubhouse.
Bella Solano is located on 17th Avenue, just east of 19th Avenue and south of Bethany Home Road in Central Phoenix. The community is within walking distance of the Valley Metro light rail. It is situated in an improving Central Phoenix submarket where rents have increased 11.55 percent year-over-year, according to CBRE Research.