Phoenix, Arizona – CBRE has announced the sale of The Porter, a 165-unit multifamily community in Tempe, Ariz., to a private investor for $32 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the seller, a private investor in the transaction. Rocco Mandala and Anthony Valenzuelaof CBRE arranged financing on behalf of the buyer.
Located at 1532 South Price Road, The Porter was originally constructed in 1980. The community is comprised of 165 units with a mix of one-bedroom and two-bedroom apartments. Amenities include a pool, club house and laundry facility. The Porter is adjacent to Arizona 101 Loop, a major freeway that connects Tempe to the rest of the Phoenix metropolitan area.
“The Porter recently underwent renovations and the new buyer plans to make further enhancements to increase the value of the asset,” said Seaman. “The demand for multifamily remains robust, as rents have continued to rise in metro Phoenix, which continues to be a leading market in terms of population growth.”
The CBRE team also represented the buyer in the transaction.