PHOENIX, Arizona – CBRE has arranged the sales of two multifamily properties in Tempe, Arizona totaling $4.2 million.

Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investments Properties negotiated the following transactions:

In the first transaction, Trinity Apartments, LLP sold Tempe Cottages to Paradise Valley, Ariz.-based SPB Apartments, LLC for $2.55 million, or 100 percent of the listed price. CBRE represented the seller in the transaction. Tempe Cottages, located at 2301-2309 S. College Ave. in Tempe, is an 18-unit contemporary boutique apartment community comprised of one-bedroom units averaging 613 square feet. Completely renovated and repositioned in 2016, the property boasts new modern shaker style cabinetry, subway-tile backsplashes, high-end stainless-steel appliances and spacious walk-in closets.

In the second transaction, Scottsdale, Ariz.-based 1116 Lemon LL sold Campus Lofts to Encinitas, Calif.-based Paul Adams Palms, LLC for $1.65 million on a 1031 exchange. CBRE represented both the buyer and the seller. The 19-unit, value-add student housing apartment community is located in the North Tempe submarket adjacent to Arizona State University at 1116 E. Lemon Street. The property was built in 1960, with renovations planned.

In the first quarter of 2017, Tempe rents average $1.33 per square foot – 20 percent greater than the metro Phoenix average. Additionally, both properties benefit from proximity to Mill Avenue Entertainment District, Tempe Town Lake, and major freeways, including Loop 101, Loop 202 and U.S. 60.

PHOENIX, Arizona  – CBRE has completed the sale of two multifamily properties located in the metro Phoenix area in two separate transactions totaling $4.825 million.

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

• Northern Palms is a 50-unit multifamily community located at 2835 W. Northern Avenue in Phoenix’s Metrocenter submarket. S & L Millennium Investments, LLC, sold the property to Scottsdale, Arizona-based APLUSREALTY, LLC, a first time investor, for $3.125 million ($62,500 per unit). Built in 1972 and repositioned in 2016 after extensive renovations, the property consists of all one-bedroom units averaging 608 square feet.
• Keswick is a 28-unit multifamily community located at 1623 W. Denton Ln. in Phoenix. The buyer, Castaic, California-based 3751 National Avenue, completed a 1031 exchange and purchased the property from Arizona-based Keswick Apartments, LLC, for $1.7 million ($60,714 per unit). Built in 1979, the property presents the buyer with a value-add opportunity located in an established North Central Phoenix submarket. The community consists of majority two-bedroom units averaging 861 square feet that are individually metered for electricity.

PHOENIX, Arizona – CBRE Group, Inc. has arranged the $1.99 million sale of Forte, a 21-unit multifamily community located at 6730 N. 17th Ave. in Phoenix. The property sold at 100 percent of the list price.

Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. The buyer, San Diego-based Eugene Kopecky, was a first-time investor who obtained new financing. The seller was Moon Valley 2011, LLC.

Extensively renovated and repositioned in 2016, the apartment community features mostly two-bedroom, two-bathroom units averaging 1,000-square-feet. Additionally, the property is master-metered for electricity.

The community is located in the North Central Phoenix submarket with access to Valley Metro light rail.