Phoenix, AZ – Brian Smuckler and Jeff Seaman of CBRE’s Multifamily Investment Group have completed the sale of The Carolina, an 18-unit boutique apartment community in Central Phoenix. The property commanded a sale price of $1.65 million, or $91,667 per unit/$157 PSF, which was 100 percent of the listed price.
The Carolina is located at 512-524 East Mariposa Street in Central Phoenix. The buyer was KWA Properties Arizona 2, LLC of Seal Beach, California. The seller, Clear Sky Capital II LLC of Phoenix, Arizona, acquired the property fourteen months ago and extensively renovated and rebranded the community while increasing the rents by 100 percent.
Ideally located on a cul-de-sac just south of Camelback Road and east of Central Avenue, the property has excellent proximity to the light rail and nearby entertainment, all while maintaining a neighborhood feel. Interior features include faux wood tile flooring, new kitchen cabinetry, stainless steel appliances, granite countertops, and porcelain tile shower surrounds.
“Rents in Central Phoenix have increased nearly 7.7 percent as vacancy decreased 7.3 percent in 2015. This is in spite of the 563 new units delivered to the submarket last year,” said CBRE’s Smuckler. “New multifamily development is indicative of this submarket’s success. In fact, an additional 318 units are currently under construction with another 701 units planned. The sale of The Carolina proves that as new construction continues to be absorbed, it sets new standards in achievable rental rates for renovated B and C class assets.”
For more information, Smuckler and Seamann can be reached in the CBRE Phoenix office at 602.735.5555.