Phoenix, Arizona — CBRE negotiated the sale of four ideally located Phoenix multifamily communities totaling 12.8 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented the buyer and seller in all four of the following transactions.
400 On Pasadena, a 28-unit contemporary boutique apartment community, located in a dynamic Central Phoenix location, sold to Wildwood Hills Home Community Trust for $4.25 million. The seller was Clear Sky Capital Partner IX, LLC. Recently renovated and repositioned with premium finishes, the property is comprised of studio, one- and two-bedroom floorplans that range from 500 to 800 square feet. Submarket rents increased 19 percent year over year ending in the fourth quarter of 2018, according to CBRE research.
CBRE represented the seller, Level on 17th, LLC and the buyer, Mid-Century Apartments in the sale of Level on 17th. Located at 6725 N. 17th Ave. in Phoenix, the property commanded a sale price of $4.15 million. The 29-unit single-story community was repositioned in 2016 and offers one- and two-bedroom floor plans averaging 925 square feet.
Cosmo, a 16-unit apartment community located at 6542 N. 17th Ave. in Phoenix, sold for $2.3 million to Mid-Century Apartments. Investapath Group, LLC was the seller of the garden-style community that features one, two- and three-bedroom floor plans ranging from 780 to 1,440 square feet.
Flow Investments, LLC acquired Sunshine 12, a 12-unit apartment community located at 2737 E. Glenrosa in Phoenix for $2.1 million from Revival Midtown LLLP for $2.1 million. The seller recently renovated 30 percent of the units interiors with premium finishes and updated the exterior. The buyer plans to continue the renovation and complete the remaining 70 percent of the unit remodels.