Phoenix, AZ – CBRE has finalized the sale of Highland Park and Park View, two multifamily communities totaling 472 units and located in dynamic Tempe, Arizona. Together, the properties commanded a sale price $42.65 million ($90,360 per unit).
A joint venture sponsored by Scottsdale, Ariz.-based Everest Holdings purchased the communities from San Diego, Calif.-based Stratford Partners. Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch negotiated the transaction with CBRE’s Phoenix office.
“The extensive renovation programs recently completed at Highland Park and Park View distinguish the communities within their competitive set,” said CBRE’s Cunningham. “Additionally, the communities are located in a high barriers-to-entry submarket with minimal exposure to future multifamily supply risk. Coupled with strong submarket employment growth, both communities will benefit from strong demand for multifamily housing in Tempe going forward.”
Highland Park and Park View have far-reaching residential appeal. Both communities offer numerous attractive amenities including resort-style swimming pools with bocce ball courts, newly renovated clubhouses, gated access, upgraded fitness centers, and fenced dog parks. One-, two- and three-bedroom residences feature well-appointed kitchens, spacious walk-in closets, and private patios and balconies.