TEMPE, ARIZONA -- CBRE announced the sale of Farmer Avenue Lofts, an 18-unit townhome property in the Tempe submarket of Phoenix, to Blueprint Capital, a Seattle-based real estate investment trust for $13.1 million ($728,000 per unit).
Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the buyer.
Farmer Avenue Lofts, located at 354 South Farmer Avenue, was built in 2008 and is comprised of three-bedroom floor plans, averaging 2,467 square feet each, that include granite countertops, Wellborn Milan cabinets, stainless steel appliances, floor-to-ceiling windows, over-sized balconies, two-car direct-access garages and private rooftop decks.
This property is situated in proximity to the Loop 202 Freeway, Mill Avenue Entertainment District, Arizona State University, and Phoenix Sky Harbor International Airport.
“We continue to see great interest for multifamily housing in Tempe from local investors as well as out-of-town buyers looking to enter the market or expand,” says Smuckler. “They are particularly attracted by this area’s growth potential from the recent construction of mixed-use developments, the emerging corporate tech footprint, and the expansion of Arizona State University.”
CBRE also represented the seller, Tincath LLC, an Arizona-based limited liability company based in Germany, in the transaction.