CBRE Handles Sale of Summerly at Zanjero Apartments for $78.5 Million

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Phoenix, Arizona – CBRE has arranged the sale of the 340-unit Class A multifamily community Summerly at Zanjero on behalf of Fore Property to a private investor for $78.5 million ($231,000 per unit).

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Fore Property.

Located at 7375 N. Zanjero Boulevard in the Glendale submarket of Phoenix, Summerly at Zanjero is a LEED Silver Designed multifamily com­munity including Energy Star-rated appliances and energy-efficient windows and lights. Built in 2019, the new community features condominium-level unit finishes and a market-leading amenity package with two resort-style pools with spas and cabanas, a state-of-the-art fitness center, and a resident clubhouse with resort finish­es.

“Summerly at Zanjero is the newest Class A community delivered in the West Valley,” said Anderson. “The community generated significant interest from investors looking to acquire a Class A asset in one of the top-performing markets in the nation.”

According to CBRE Research, year-over-year Class A multifamily rent growth in Phoenix was 8.2 percent in Q2 2019, the second-best increase for all U.S. metros.

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