The acquisition is JRK Property’s first in the Phoenix market
Phoenix, Arizona – CBRE arranged the sale of the 408-unit multifamily community 909 West on behalf of MG Properties Group to Los Angeles-based JRK Property Holdings, Inc. for an undisclosed amount.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, MG Properties Group.
Built in 1999, 909 West is a garden-style multifamily community with one, two- and threebedroom floorplans in three- and four-story buildings. The community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park.
“Investors want to be in Phoenix and 909 West presented an excellent value-add proposition,” said Gunter. “The community’s central location in proximity to large employment centers in Tempe and Chandler, its strong operational performance and value-add potential attracted significant investor interest.”
Located in the South Tempe submarket, 909 West is situated less than one mile from access to Interstate-10 and about five miles from Downtown Tempe.
“We’re excited to enter the Phoenix market and 909 West presented an excellent opportunity to do so with immediate scale,” said Danny Lippman, vice president of JRK Investors, the real estate investment arm of JRK Property Holdings. “We look forward to executing strategic renovations that will add value for the residents and our investors.”
Founded in 1991, JRK Property Holdings is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States.