Phoenix, Arizona – CBRE announced Tides on 19th, a 236-unit apartment property in Phoenix, sold to Rouge Equity, LLC, a Washington-based investor for $59.1 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE facilitated the transaction.
The property, located at 4802 North 19th Avenue, is a garden-style apartment complex located in Central Phoenix. The property contains one-, two- and three-bedroom floor plans ranging from 677- to 1,025-square- feet. Community amenities include a sparkling swimming pool, fitness center, picnic area, and a new leasing office. The property was built in 1973 and had undergone extensive renovations, with the most recent update completed in mid-2021. A total of 111 units were renovated featuring stainless steel appliances, new cabinetry, hardware, quartz countertops, wood-plank vinyl flooring, new contemporary fixtures, and in-suite washer/dryers.
“Tides on 19th generated high demand from investors because the ownership re-branded and re-positioned the community, which offered investors the rare opportunity to acquire a proven value-add asset with in-place yield,” says Seaman.
The apartment market in the Greater Phoenix area has seen more than 21.6 percent rent growth since 2020, leading the nation, according to research. The demand for multifamily investments in the region is buoyed by strong in-migration as well as companies relocating to or expanding within the area. Current low-interest rates and available financing are also lifting the region’s multifamily market