CBRE Completes Sale of Mirabella & 3800 Lux

Phoenix, Arizona – CBRE has completed the sale of Mirabella and 3800 Lux, two adjacent multifamily communities totaling 715-units. The two Class-A communities are located at 3800 North El Mirage Road in Avondale, Arizona. The buyer was Priderock Capital Management and the seller, FPA Multifamily, was represented by Sean Cunningham, Tyler Anderson, Asher Gunter, and Matt Pesch with CBRE’s Phoenix office.

Developed in 2009 and 2010, Mirabella and 3800 Lux feature a comprehensive set of community amenities including two resort-style swimming pools with spas, state-of-the-art fitness centers, contemporary resident clubhouses with business centers, and a dog park. Spacious one, two, and three-bedroom residences feature nine-foot ceilings with decorative crown molding, well-appointed kitchens with breakfast bars, walk-in closets, and private patios/ balconies.

The seller, FPA Multifamily, is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and work force housing apartment communities.  Founded in 1985, FPA has owned over 85,000 apartment units valued at over $7 billion.  FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund V which will acquire approximately $1.4 billion of assets and its core plus focused FPA Core Plus Fund III which will acquire approximately $500 million of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Dallas and Atlanta.  For more information please visit www.fpamf.com.