PHOENIX, Arizona – CBRE has arranged the sale of Parkview on 5th, a 17-unit apartment community located at 704 – 724 W. 5th Street in Tempe, Ariz. The property sold for $2.52 million ($148,235 per unit).
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix represented the seller, Phoenix-based VVP, LLC, and the buyer, Luna Bear Denton, LLC of Hermosa Beach, Calif. in the transaction.
Conveniently located in north Tempe, Parkview on 5th is walking distance from Arizona State University and the Mill Avenue District. The area is home to Tempe’s future biomedical and tech district, offers easy access to the Valley Metro Light Rail and is surrounded by major corporate employers, including Allstate, JP Morgan, Statefarm and Morgan Stanley. The property was extensively renovated and repositioned in 2017 and is comprised of two studios, 11 one-bedroom units and four two-bedroom units.