PHOENIX, Arizona – CBRE has completed the sale of three multifamily properties located in the metro Phoenix area in three separate transactions totaling $9.72 million.

Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the buyers and sellers in both transactions.

The Ranch is a 32-unit multifamily community located at 118 W. Maryland Ave. in North Central Phoenix. Benjamin E Bellet, Trustee of the Benjamin E. Bellet 2005 Trust, sold the property to Harvard Street Investments, LLC & Geller Family Investments, LLC, a Los Angeles investor completing a 1031 exchange, for $3.77 million ($118 per unit). The property sold at 99 percent of the listed price. Built in 1957, the Mid-Century modern property will be repositioned by the new owner.  The one- and two-bedroom floorplans range in size from 704 to 943 square feet.

Casa West, a 32-unit apartment community located at 4029 W McDowell Road in Phoenix, was completely rebuilt and repositioned in 2016 with premium finishes and features majority two-bedroom floor plans averaging 780 square feet. A first-time investor from Beaverton, Oregon Phoenix 4029 CRE 001, LLC, purchased the property from AFA 1, LLC for $3.45 million ($108,000 per unit).

8^th Street Developers, LLC, a first-time investor from Fishers, Indiana, purchased a vacant multifamily property that sits on 1.82 acres of land at 1403 E. 8^th Street in Tempe, Ariz., from DJKM Investments, LLC for $2.5 million in an all-cash transaction. Purchased at $31.56 per land square foot, the buyer plans to redevelop the land into a townhome community.

PHOENIX, Arizona – CBRE has completed the sale of Desert Eagle Estates, a 196-unit apartment community located at 6917 N. 71st Ave. in Glendale, Arizona. Scottsdale, Ariz.-based ReNUE Properties, a local investor who obtained new financing, purchased the property for $18.1 million ($92,347 per unit).

Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties and Jeff Kunitz and Johnathan Smith with CBRE Affordable Housing represented both the buyer and seller in the transaction.

“Desert Eagle Estates provides an investor with an asset located in a bustling Glendale submarket,” said CBRE’s Smuckler. “We were once again able to leverage the resources of CBRE Affordable Housing to access a greater investor pool and obtain a selling price well above the listed amount.”

Constructed in 2006, Desert Eagle Estates features spacious one-, two- and three-bedroom floorplans. Community amenities include a resort-style swimming pool, barbecue picnic areas, playground, fitness center and clubhouse. The property is in proximity to the University of Phoenix Stadium, Glendale Community College and Northern Crossing Mall.

CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $14.9 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.

PHOENIX, Arizona– CBRE has completed the sale of Lee Villas, a 13-unit contemporary, garden-style apartment community located at 3212 N. 37^th Street in Phoenix.

Brian Smuckler and Jeff Seaman with CBRE Multifamily Investment Properties represented both buyer and seller in the transaction. Christopher M. Eklund, a first-time investor based in Palm Springs, California, purchased the multifamily community from Trinity Apartments, LLLP for nearly $2.3 million (approximately $177,000 per unit), or $214 per square foot, in a 1031 exchange.

Lee Villas was extensively renovated and repositioned in 2016 with premium finishes. The community is comprised of two- and three-bedroom units averaging 819 square feet. Modern finishes include, granite countertops, subway tile backsplashes, full-sized stainless-steel appliances, premium lighting fixtures, walk-in closets and in-suite stacked washer/dryers.

Located in a dynamic East Phoenix/Lower Arcadia location with high barriers to entry. The property is in proximity to three major freeways: Loop 202, State Route 51 and the Interstate 10, providing residents with convenient access to employment and entertainment centers across metro Phoenix.