PHOENIX – December 8, 2023 – CBRE handled the sale of Cuvee, a 310-unit multifamily community in Glendale, Ariz. CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Fore Property Company, in the transaction. Pillar Communities purchased the Class A property for $86 million ($277,419 per unit).
Completed in 2023, Cuvee features top-of-market amenities highlighted by two resort-style pools, a two-story club-style fitness center and a resident clubhouse that features TV lounges, a game room, a coffee bar and a business center.
"Cuvee is an institutional quality asset poised for strong growth driven by outsized absorption in the West Valley, said Mr. Gunter, vice chairman at CBRE. "Population growth and job growth are healthy. Cuvee's high-quality amenities, large floorplans and proximity to the Westgate entertainment district provide an excellent resident experience. Pillar Communities is an outstanding buyer with tremendous perspective for great assets."
Metro Phoenix posted over 9,900 units of multifamily absorption through three quarters in 2023, one of the top-performing absorption totals of all U.S. metros year-to-date, according to research analyzed by CBRE.
"We have previously owned [a property] in the Westgate submarket in Glendale. The location is excellent and broadly appeals to residents due to walkable retail and entertainment amenities," said Pillar Communities President Melanie Prock. "Cuvee is a premier Class A multifamily community and was an ideal fit for our investment criteria. Phoenix remains a top target market for Pillar, and we look forward to exploring additional regional investments."
Pillar Communities owns and operates multifamily communities in Arizona and Washington. Cuvee is Pillar Communities' second acquisition in metro Phoenix this year.
"We are very proud of Cuvee's success in a highly competitive submarket, and this disposition is a testament to the community's appeal and the strong long-term fundamentals in Phoenix," said Fore Property Partner and Development Director Jeff Kern.
One of the country's top 20 largest multifamily developers, Fore Property is a vertically integrated real estate organization that has developed, built and managed more than 29,000 apartment units across 44-plus markets nationwide.