Phoenix , Arizona – CBRE has arranged the $60 million ($198,674 per unit) sale of The Amara, a 302-unit apartment property in Phoenix, to a private buyer in Washington state.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented both the buyer and seller in the off-market transaction.
The Amara is a two-story multifamily property, located at 2802 East Osborn Road between Phoenix’s Biltmore and Arcadia neighborhoods. The units feature stainless steel appliances, wood floors, composite countertops, and craftsmen-inspired cabinetry. The property includes three pools and bike paths.
“As one of the strongest multifamily markets in the U.S., the Greater Phoenix metro area continues to see unmatched demand from private investors, many from out of state who are looking for stable, income-producing assets,” said Smuckler. “Recently our team represented a six-property portfolio, with locations in Phoenix, Tempe and Scottsdale, that received tremendous attention from local and national investors looking to take advantage of Phoenix’s growth and resulting demand for housing.”
A recent CBRE survey of commercial real estate investors ranked Phoenix as a top-10 target among America’s metros. The Sun Belt market jumped five spots to #4 in the firm’s 2021 Americas Investor Intentions Survey.