PHOENIX, Arizona – CBRE has completed the sale of Camelot Apartments, an 80-unit garden-style apartment community located at 1022 E. Narramore Avenue in Buckeye, Ariz. Aztec Properties, LLC of Scottsdale, Ariz. acquired the property from Phoenix-based Camelot Condominiums, LLC for $6.25 million ($78,125 per unit).
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix represented both the buyer and seller in the transaction.
The property is comprised of four buildings, with a total of 40 one-bedroom units and 40 two-bedroom units. Of these, 42 units have been renovated. Community amenities include a swimming pool, on-site laundry, covered parking and private storage units.
Located in the Southwest Valley, Camelot Apartments is conveniently located in an expanding area due to warehouse influx. Current rents are approximately 15 percent below market and there are only a few “market rate” multifamily rental options in Buckeye. Because of the proximity to California and the limited space in central Phoenix, demand for jobs and housing is increasing. Camelot Apartments has an abundant exposure to entertainment attractions, medical facilities and warehouse employment.