Phoenix, AZ –CBRE’s Multifamily Investment Properties’ Brian Smuckler and Jeff Seaman have completed four transactions in Phoenix totaling more than $7.8 million.

• North Point Condominium: 59 of the 86 condominiums located at 6315 North 16^th Street in Phoenix were sold for $4.1 million ($69,492 per unit). The primary seller was AZ OPP CONDO, LLLP of Phoenix. The buyer was North Point Partners, LLC of Scottsdale, Ariz.
• Pasadena Gardens: A 21-unit community located at 320 West Pasadena Avenue in Phoenix was sold for $1,689,000 ($80,429 per unit). The sellers were Russell and Elizabeth Tracy of Port Hueneme, Calif. The buyer was Clear Sky Capital V, LLC of Phoenix.
• Sir John’s: A 14-unit community located at 3141 North 37^th Street was sold for $1.1 million $78,571 per unit). The seller was VIA CASABLANCA, LLC of Phoenix. The buyers were Douglass and Lauralee Rikkers of Wheat Ridge, Colo.

• Ritz Towers: A 14-unit community located at 328 East Willetta Street was sold for $950,000 ($67,857 per unit). The seller was JMRS RITZ, LLC of La Jolla, Calif. The buyer was The Ritz 328, LLC of Santa Rosa, Calif.

For more information, Smuckler can be reached at 602 735.5688 and Seaman should be contacted at 602 735.5634.

Phoenix, AZ – Brian Smuckler and Jeff Seaman, who lead CBRE’s Multifamily Investment Group in Phoenix, have completed the sale of Riviera Village in Tempe for a price of $10 million ($60,606 per unit/$89 per SF). The 165-unit apartment community was built in 1980 and is located at 1502-1532 S. Price Road.

Seaman and Smuckler negotiated the sale on behalf of the buyer, Riviera Partners, LLC of Scottsdale, Arizona. The seller was MRI Saddlehorn Riviera Investment Fund, LLC of Tempe, Arizona.

“Rental rates in Tempe are consistently increasing. In Q4 2015 rents averaged $735 per month, an increase of 6.6 percent year-over-year,” said CBRE’s Seaman. “These increases are indicative of the submarket’s growth, a direct result of dynamic new employers and continued evolution of the Arizona State University campus. Riviera Village is ideally positioned to take full advantage of the economic development taking place in the surrounding area.”

Riviera Village benefits from proximity to both Arizona State University and some of the most notable new commercial developments in the Valley, including State Farm’s Marina Heights, Liberty Center at Rio Salado and The Grand at Papago. In 2015 alone, more than 11,000 new jobs were announced in the city of Tempe.

Smuckler and Seaman can be reached at (602) 735-5555.

Phoenix, AZ – Brian Smuckler and Jeff Seaman of CBRE’s Multifamily Investment Group have completed the sale of The Carolina, an 18-unit boutique apartment community in Central Phoenix. The property commanded a sale price of $1.65 million, or $91,667 per unit/$157 PSF, which was 100 percent of the listed price.

The Carolina is located at 512-524 East Mariposa Street in Central Phoenix. The buyer was KWA Properties Arizona 2, LLC of Seal Beach, California. The seller, Clear Sky Capital II LLC of Phoenix, Arizona, acquired the property fourteen months ago and extensively renovated and rebranded the community while increasing the rents by 100 percent.

Ideally located on a cul-de-sac just south of Camelback Road and east of Central Avenue, the property has excellent proximity to the light rail and nearby entertainment, all while maintaining a neighborhood feel. Interior features include faux wood tile flooring, new kitchen cabinetry, stainless steel appliances, granite countertops, and porcelain tile shower surrounds.

“Rents in Central Phoenix have increased nearly 7.7 percent as vacancy decreased 7.3 percent in 2015. This is in spite of the 563 new units delivered to the submarket last year,” said CBRE’s Smuckler. “New multifamily development is indicative of this submarket’s success. In fact, an additional 318 units are currently under construction with another 701 units planned. The sale of The Carolina proves that as new construction continues to be absorbed, it sets new standards in achievable rental rates for renovated B and C class assets.”

For more information, Smuckler and Seamann can be reached in the CBRE Phoenix office at 602.735.5555.