PHOENIX, Arizona – CBRE has arranged the sale of Decco 109, a 40-unit garden-style apartment community located near Arizona State University at 109 E. Broadway Road in Tempe, Ariz. The property commanded a sale price of $4.8 million ($120,000 per unit).

Brian Smuckler, Jeff Seaman, and Bryson Fricke represented the seller, 5C Onyx Tempe, LLC, and the buyer, B&R Capital Partners and Capital Allocation Partners, in the transaction.

The unit mix is comprised of spacious one- and two-bedroom floorplans that range from 650 to 850 square feet. Renovated in 2014 with premium finishes, the property features wood-style vinyl flooring, contemporary kitchen finishes, full-size appliances and modern bathroom vanities. Exterior renovations include a smooth stucco façade with a two-toned paint scheme, resurfaced parking, dual-pane windows and a new bistro area with gas barbeque grills.

Decco 109’s central location provides immediate access to Fortune 500 employment, an eclectic mix of shopping and dining options in the historic Mill Avenue District, Arizona State University, and Tempe Town Lake, known for outdoor festivals, art shows, concerts and recreation.

PHOENIX Arizona –  CBRE arranged the sale of a 156-unit apartment complex located at 3130 N. 7th Ave in Phoenix, Ariz. The property, formerly a 1960s-era hotel, was sold by San Francisco, California-based FPA5 El Cortez, LLC, to Austin, Texas-based PB Acquisitions for $12.07 million.

Brian Smuckler, Jeff Seaman, Bryson Fricke and Bert Kempfert with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.

Originally constructed as a resort in 1964, the Art Linkletter-designed property was renovated by the seller in 2016. The mid-century community is comprised entirely of studio floor plans averaging 407 square feet complete with floor-to-ceiling windows and private patios or balconies. Upgraded units feature new flooring, modern appliances and resurfaced countertops. Resident amenities include a swimming pool, three on-site laundry facilities, gated access and remote fobs for building entry.

“El Cortez benefits from a popular midtown location that is experiencing an increase in new development, walkable amenities and convenient access to downtown Phoenix,” said CBRE’s Smuckler.

The apartment community is located near St. Joseph’s Hospital and Medical Center and is within walking distance to the Central Avenue Corridor. Located directly north of El Cortez, a new Sprouts-anchored mixed-use development is currently under construction at the corner of 7th Avenue and Osborn Road.

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.