Phoenix, Arizona – CBRE Multifamily Investment Group recently completed five transactions of Phoenix multifamily properties located in Northern and Central Phoenix—Mountain View, Heritage Park, Palm Vista, Morningside Pointe and The Wells—with a total consideration of approximately $7 million.
- Mountain View: A 26-unit complex located at 9633 N. 17th Avenue in Phoenix, Arizona. Total consideration for the transaction was $1.33 million, or $50,962 per unit. The buyer was Mountain View Apartments, LLC. of Seattle, Washington. The seller was RET1, LLC. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the buyer and the seller.
- Heritage Park: A 22-unit community located at 1545 W. Denton Lane in Phoenix, Arizona. Total consideration for the transaction was $1.27 million, or $57,500 per unit. The buyer was Heritage Park Apartments AZ, LLC. from Seattle, Washington. The seller was Brothers Development, LLC. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the buyer and the seller.
- Palm Vista: A 40-unit garden-style community located at 4138 N. Longview Avenue in Phoenix, Arizona. Total consideration for the transaction was $2.5 million, or $62,500 per unit. The buyer was Mario and Martha Salgado, based in La Palma, California. The seller was KOSH Investment Group, LLC. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the seller. The buyer was represented by Jeanie Teyechea.
- Morningside Pointe: An 11-unit multifmaily property located at 4238 N. 17th Street in Phoenix, Arizona. Total consideration for the transaction was $860,000, or $78,182 per unit. The buyer was Ascend Properties, LLC. from West Hollywood, California. The seller was AWT Partners, LLC. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the seller. The buyer was represented by Joseph Chaplik with Joseph Bernard, LLC.
- The Wells: A one-story, 11-unit multifamily property located at 3136 N. 37th Street in Phoenix, Arizona. Total consideration for the transaction was $920,000, or $83,636 per unit. The buyer was Trinity Apartments, LLLP., based in Vancouver, Canada. The seller was McDonald/DeMers (TIC). Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyer and the seller.
Rental rates on the rise in North and Central Phoenix submarkets positions the five multifamily properties for growth concurrent with the larger Phoenix metro.