Phoenix, Arizona – CBRE completed the sale of two Phoenix-area apartment communities totaling $8.81 million.
Indigo Lofts, a 65-unit multifamily community located in Mesa at 715-737 E. Brown Road commanded a sale price of $7.25 million ($111,538 per unit).
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix Multifamily Investment Properties represented the buyer Indigo Loft Apt, LLC, of Pleasanton, California and the seller Alden E. and Carol M. Seifried Living Trust in the transaction. Alex Walton with CBRE Capital Markets Debt & Structured Finance arranged the financing on behalf of Indigo Loft Apt, LLC.
“Indigo Lofts is located in a highly desirable Mesa submarket that is benefiting from the Metro Light Rail expansion,” said CBRE’s Smuckler.
The property is comprised of all two-bedroom, townhome-style floor plans averaging 964 square feet. A majority of the units have been renovated to include stainless steel appliances, new cabinetry, faux wood/ceramic tile flooring and modern bathroom fixtures. The community includes two swimming pools, an outdoor kitchen area with barbecue, on-site laundry facility and covered parking. The property is also individually metered for electricity.
CBRE also completed the sale of Coronado, a single-story, 12-unit apartment community, located in central Phoenix’s Encanto neighborhood at 734 E. Coronado Rd. to John C. Davis, a first-time out-of-state buyer based in Oregon. Davis obtained new financing and purchased the property from Los Tres Borchachos, LLC, for $1.56 million ($130,000 per unit).
Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties represented the buyer and seller in the transaction.
“This mid-century apartment community presented an investor with a strong value-add opportunity located in one of Phoenix’s oldest and most vibrant neighborhoods,” said CBRE’s Seaman.
Built in 1951, the garden-style community offers a mix of studio, one- and two-bedroom floor plans averaging 780 square feet. Community amenities include covered parking and an on-site laundry facility, while all units are individually metered for electricity.