PHOENIX, ARIZONA -- CBRE announced the sale of four multifamily properties in Phoenix to private local investors for a total of $16.2 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE facilitated the transactions.
A private local family trust purchased Arcadia Citrus Court, located at 3709 East Flower Street, for $6.45 million ($586,364 per unit). The property is an 11-unit, build-to-rent community developed in 2020, featuring all three and four-bedroom floor plans, ranging from 1,697-square- feet to 1,828-square-feet.
Separate private investor groups acquired 36th Court, at 3131-3139 North 36th Street, The Oasis, located at 1914 West Hayward Avenue, and 26 W Culver, at 26 West Culver Street, for a total of $9.73 million.
“Both, local and out-of-state capital, is chasing very limited inventory to take advantage of Phoenix’s population and employment growth, favorable market-leading fundamentals and low interest rates,” said Smuckler. “In addition, metro Phoenix is still a relative affordable market with rent-to-income ratios below 30 percent.”