Phoenix – CBRE Multi-Housing Private Capital Group has negotiated four multi-family transactions in the past three weeks totaling nearly $4.75 million. Brian Smuckler and Jeff Seaman with CBRE Phoenix’s Multi-Housing Private Capital Group represented both parties in each transaction.
Bethany Palms
Camelback East Partners, LLC of Malibu, Calif. have purchased Bethany Palms, a 22-unit property located at 1142 Bethany Home Rd. in Phoenix, from Clear Sky Capital, Inc. in Phoenix. The asset commanded a price of $1.9 million ($86,400 per unit).
Country Club Manor
LCP Equity Partners LLC of Sacramento, Calif. has purchased Country Court Manor, a 27-unit property located at 1225-1241 E. Thomas Rd. in Phoenix, Ariz, from Phoenix-based SHPCC LLC. The asset commanded a sale price of $904,500 million ($33,500 per unit).
802 N. 4th Avenue
Peoria, Ariz.-based Canwood Enterprise, Inc. has purchased 0.72-acre parcel of land 802 N. 4th Ave. in Phoenix. The seller was PMCM I LP of Gilbert, Ariz. The land, which sits on the northwest corner of 4th Avenue and McKinley Street, was sold for $725,000 ($23 PSF). The property, zoned multifamily residential, will eventually be developed for multifamily use.
Arbor Apartments
Paul Adams Palms, LLC of Pasadena, Calif. has purchased Arbor Apartments located at 1504-1548 W. University Dr. in Tempe, Ariz. The seller was Sircoff Investments LLC and Essy Investments, LLC of Walnut Creek, Calif. The 26-unit property sold for $1.22 million ($47,000 per unit).
Smuckler should be reached at (602) 735-5688 and Seaman is at (602) 735-5634.