PHOENIX, Arizona – CBRE Group, Inc., has arranged the sale of Andante, a 576-unit, Class A multifamily community located at 15801 S. 48th Street in Phoenix’s Ahwatukee submarket. The community sold for $85.25 million ($143,000 per unit).

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Chicago-based Waterton. The buyer was Seattle, WA-based Security Properties.

“Andante is a well-maintained suburban multifamily asset offering tremendous value-add upside,” said CBRE’s Gunter. “The property is located within a highly desirable, amenity-rich submarket with top-performing schools. Additionally, the property benefits from a high barriers-to-entry location.”

Andante is situated west of Interstate-10 with visibility along Chandler Boulevard and offers accessibility to all of the Southeast Valley’s major employment corridors. Built in 2000, the community features all one- and two-bedroom floor plans averaging 886 square feet per unit. Community amenities include three resort-style swimming pools, resident clubhouse, a 24-hour fitness center and an expansive dog park.

Phoenix – March 8, 2017 – CBRE has completed the sale of The Highlands, a 272-unit multifamily community located at 15255 N. Frank Lloyd Wright Boulevard in Scottsdale, Arizona. The buyer was Newport Beach, California-based Olen Properties. The seller, Irvine, California-based Bascom Goup, was represented by Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch of CBRE Multifamily Institutional Properties in Phoenix. Total consideration for the transaction was $48.5 million ($178,309 per unit). The property sale closed Feb. 28, 2017.

“The Highlands combines attractive design features and excellent amenities with an outstanding North Scottsdale location,” said CBRE’s Anderson. “The community has tremendous access to North Scottsdale’s major transportation hubs and expanding employment corridors.”

Developed in 1990, The Highlands is a garden-style community with spacious one, two and three-bedroom floor plans. Individual residences feature well-appointed kitchens, walk-in closets and full-size washer/dryers. Interior upgrades recently completed for 237 units include wood-style plank flooring, new cabinetry in the kitchen and bath areas, undermount sink with a gooseneck faucet, brushed nickel fixtures throughout and granite countertops. Recent transformational upgrades to community amenities include a modern clubhouse, fitness center and pool area upgrades.

Phoenix, Arizona – CBRE has completed the sale of Mirabella and 3800 Lux, two adjacent multifamily communities totaling 715-units. The two Class-A communities are located at 3800 North El Mirage Road in Avondale, Arizona. The buyer was Priderock Capital Management and the seller, FPA Multifamily, was represented by Sean Cunningham, Tyler Anderson, Asher Gunter, and Matt Pesch with CBRE’s Phoenix office.

Developed in 2009 and 2010, Mirabella and 3800 Lux feature a comprehensive set of community amenities including two resort-style swimming pools with spas, state-of-the-art fitness centers, contemporary resident clubhouses with business centers, and a dog park. Spacious one, two, and three-bedroom residences feature nine-foot ceilings with decorative crown molding, well-appointed kitchens with breakfast bars, walk-in closets, and private patios/ balconies.

The seller, FPA Multifamily, is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and work force housing apartment communities.  Founded in 1985, FPA has owned over 85,000 apartment units valued at over $7 billion.  FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund V which will acquire approximately $1.4 billion of assets and its core plus focused FPA Core Plus Fund III which will acquire approximately $500 million of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Dallas and Atlanta.  For more information please visit www.fpamf.com.