PHOENIX, Arizona – CBRE has arranged the sale of two multifamily properties in Phoenix for a combined price of $3.4 million ($94,444 per unit).

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke with CBRE Phoenix arranged the transactions on behalf of both the buyers and sellers of the properties.

Suede, a 14-unit apartment community located at 2525 N. 52nd Street in Phoenix, sold for $1.45 million. The buyer, 701 Investments, LLC of Scottsdale, Ariz. acquired the property from Penntex Group on 52nd, LLC of Scottsdale, Ariz. The property offers one- two- and three-bedroom units and is conveniently located in east Phoenix with access to entertainment, schools, medical offices and top employers.

Heritage Park is a 22-unit apartment community located at 1545 W. Denton Lane in Phoenix. Snohomish, Wash.-based Heritage Park Apartments AZ, LLC sold the property to Kunal Malhotra, Marjan Sepassi and William Wojdak of New York, New York. A garden-style community, Heritage Park is comprised of one- and two-bedroom apartments and is located in north central Phoenix, where average rental rates have increased by 5 percent over the last year.

PHOENIX, Arizona – CBRE has arranged the sale of Parkview on 5^th, a 17-unit apartment community located at 704 – 724 W. 5^th Street in Tempe, Ariz. The property sold for $2.52 million ($148,235 per unit).

Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix represented the seller, Phoenix-based VVP, LLC, and the buyer, Luna Bear Denton, LLC of Hermosa Beach, Calif. in the transaction.

Conveniently located in north Tempe, Parkview on 5^th is walking distance from Arizona State University and the Mill Avenue District. The area is home to Tempe’s future biomedical and tech district, offers easy access to the Valley Metro Light Rail and is surrounded by major corporate employers, including Allstate, JP Morgan, Statefarm and Morgan Stanley. The property was extensively renovated and repositioned in 2017 and is comprised of two studios, 11 one-bedroom units and four two-bedroom units.

Phoenix, Arizona – CBRE completed the sale of two Phoenix-area apartment communities totaling $8.81 million.

Indigo Lofts, a 65-unit multifamily community located in Mesa at 715-737 E. Brown Road commanded a sale price of $7.25 million ($111,538 per unit).

Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix Multifamily Investment Properties represented the buyer Indigo Loft Apt, LLC, of Pleasanton, California and the seller Alden E. and Carol M. Seifried Living Trust in the transaction. Alex Walton with CBRE Capital Markets Debt & Structured Finance arranged the financing on behalf of Indigo Loft Apt, LLC.

“Indigo Lofts is located in a highly desirable Mesa submarket that is benefiting from the Metro Light Rail expansion,” said CBRE’s Smuckler.

The property is comprised of all two-bedroom, townhome-style floor plans averaging 964 square feet. A majority of the units have been renovated to include stainless steel appliances, new cabinetry, faux wood/ceramic tile flooring and modern bathroom fixtures. The community includes two swimming pools, an outdoor kitchen area with barbecue, on-site laundry facility and covered parking. The property is also individually metered for electricity.

CBRE also completed the sale of Coronado, a single-story, 12-unit apartment community, located in central Phoenix’s Encanto neighborhood at 734 E. Coronado Rd. to John C. Davis, a first-time out-of-state buyer based in Oregon. Davis obtained new financing and purchased the property from Los Tres Borchachos, LLC, for $1.56 million ($130,000 per unit).

Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties represented the buyer and seller in the transaction.

“This mid-century apartment community presented an investor with a strong value-add opportunity located in one of Phoenix’s oldest and most vibrant neighborhoods,” said CBRE’s Seaman.

Built in 1951, the garden-style community offers a mix of studio, one- and two-bedroom floor plans averaging 780 square feet. Community amenities include covered parking and an on-site laundry facility, while all units are individually metered for electricity.