Phoenix, Arizona – CBRE announced the sale of The Willow, an 86-unit multifamily property in Central Phoenix, to an in-state investment group for $26.7 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the buyer and seller.
The Willow, located at 6315 North 16th Street, features a renovated exterior with a new swimming pool, fitness center, branding signage, paint, and leasing office. The property is comprised of two- and three-bedroom floor plans, averaging ±909 sq. ft., with stainless steel appliances, granite countertops, shaker-style cabinetry, and in-suite washers and dryers.
The community sits in a high-visibility, high-barrier-to-entry location in Central Phoenix near the Camelback Corridor with an abundance of nearby amenities, such as 16th Street retail and restaurants.
“The Willow is a fantastic property that was moderately upgraded by previous ownership,” said Seaman. “As a result, we were able to find an active local investment group who will be able to implement an efficient and high quality management strategy to enhance revenue and further reposition the asset.”