PHOENIX, Arizona -- CBRE has arranged the sales of two Phoenix apartment communities to Calfornia buyers.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller in the transactions.
NDX Investments II, LLC, sold 34 Arcadia, a newly renovated 45-unit contemporary boutique apartment community in Phoenix’s lower Arcadia neighborhood, to Champion 34 Arcadia, LLC, for $5.86 million. The buyer was a first-time Phoenix multifamily investor from California. Alex Walton with CBRE Capital Markets Debt & Structured Finance arranged the debt on behalf of the borrower. The property features studio and one-bedroom floor plans averaging 527 square feet. Interior upgrades include in-suite laundry, stainless steel appliances, and upgraded countertops and bathrooms. Located at 2936 N. 34th Place, the property is nearby to Biltmore Fashion Park and Camelback Corridor, one of the metro’s main employment corridors.
California-based Goldstein Investment Co. acquired Idle Hours, a 28-unit apartment community in Phoenix, from Delaware-based Torino Holdings, LLC for $5.8 million in an all-cash transaction. The buyer was completing a 1031 exchange. Located at 1501 E. Rovey Ave., the mid-century modern community is located in the North Central Corridor in Uptown Phoenix. The property was remodeled and repositioned in 2018 and features 800-square-foot two-bedroom, one-bath floor plans. Interior upgrades include in-suite laundry, stainless steel appliances, quartz countertops and upgraded bathrooms. Idle Hours provides residents with excellent access to various lifestyle amenities and several central employment corridors, including Camelback Corridor, Old Town Scottsdale, Downtown Phoenix and Tempe.