PHOENIX, ARIZONA – CBRE announced the sale of Vesta on 12th, a 104-unit apartment community in Phoenix’ Uptown neighborhood, to a private investor out of Denver for $18.25 million ($175,480 per unit).
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, a private Portland, Ore.-based investor, in the transaction. The team also represented the buyer in the 1031-exchange.
Located at 6333 N. 12t Street, Vesta on 12th is a garden-style community featuring a majority of two-bedroom, two-bathroom floor plans averaging 950-square-feet. Community amenities include a laundry facility, swimming pool, clubhouse, business center, fitness center, picnic area with barbeque, covered parking and gated access.
The community is located within several miles of State Route 51 and Interstate 17 and the Biltmore / Camelback Corridor, one of the premier office submarkets in metro Phoenix.