Phoenix, Arizona – CBRE has recently completed the sale of Bella Solano, a 160-unit multifamily property located at 5656 N. 17th Ave. in Phoenix, Arizona. The seller was NBS – Parkwood OPCO, LLC. The buyer was Luna Bear Phoenix, LLC, a first time out-of-state investor. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. Total consideration for the deal was $11.55 million ($72,188 per unit).
The property was originally constructed in 1971 with a second phase added in 1985. The multifamily property features multiple floor plans and numerous unit types ranging from 420 square-feet to 895 square-feet. Bella Solano is conveniently located within proximity to Christown Spectrum Mall and Valley Metro light rail.
The buyer obtained financing through the Phoenix office of Walker & Dunlop.
In addition to Bella Solano, Smuckler and Seaman have also completed the sales of 3420 Apartments located at 3420 W. Rose Lane in Phoenix and First Avenue Apartments located at 633 W. First Ave. in Mesa. The properties sold for $2.2 million ($78,571 per unit) and $2.75 million ($52,885 per unit), respectively.
3420 Apartments is a 28-unit garden-style multifamily community, which was originally constructed in 1962 and renovated in 2016. The property features a mix of one-bedroom and three-bedroom units averaging 857 square-feet, and is located in a desirable west Phoenix location with proximity to fast-growing Grand Canyon University.
Built in 1952, First Avenue Apartments is a 52-unit property that consists largely of two-bedroom units averaging 692 square-feet. The property is in proximity to Valley Metro light rail and minutes from downtown Mesa. The buyer has plans to renovate First Avenue in order to reposition the asset.