Buckeye Apartment Community Sells for $6.25 Million

Camelot Apartments, 1022 E. Narramore Ave., Buckeye, AZ

PHOENIX, Arizona CBRE has completed the sale of Camelot Apartments, an 80-unit garden-style apartment community located at 1022 E. Narramore Avenue in Buckeye, Ariz. Aztec Properties, LLC of Scottsdale, Ariz. acquired the property from Phoenix-based Camelot Condominiums, LLC for $6.25 million ($78,125 per unit).

Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix represented both the buyer and seller in the transaction.

The property is comprised of four buildings, with a total of 40 one-bedroom units and 40 two-bedroom units. Of these, 42 units have been renovated. Community amenities include a swimming pool, on-site laundry, covered parking and private storage units.

Located in the Southwest Valley, Camelot Apartments is conveniently located in an expanding area due to warehouse influx. Current rents are approximately 15 percent below market and there are only a few “market rate” multifamily rental options in Buckeye. Because of the proximity to California and the limited space in central Phoenix, demand for jobs and housing is increasing. Camelot Apartments has an abundant exposure to entertainment attractions, medical facilities and warehouse employment.




CBRE Brokers Sale of Two Phoenix Apartment Communities in Phoenix

Suede, 2525 N 52nd Street, Phoenix

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.

 




CBRE Completes $2.52 Million Sale of Apartment Community Near ASU

704 – 724 W. 5th Street, Tempe, AZ

PHOENIX, Arizona CBRE has arranged the sale of Parkview on 5th, a 17-unit apartment community located at 704 – 724 W. 5th 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 5th 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.