CBRE has negotiated the sale of six class A multi-family communities, consisting of 1,744 units in the greater Phoenix area.
Vice Chairmen Tyler Anderson and Sean Cunningham, and Associate Asher Gunter of CBRE’s Phoenix office represented the seller, UDR Inc. of Highlands Ranch, Colo., in structuring the sale of its remaining Phoenix-area assets. The buyer was a fund managed by DRA Advisors LLC of New York City and The Milestone Group LLC of Dallas. The total purchase price was not disclosed.
The portfolio, which has an average occupancy of 95%, includes:
- Finisterra: Built in 1996, this 356-unit community at 1250 W. Grove Parkway in Tempe
- Lumiere: Built in 1995, this community was converted to condominiums in 2007. Of the 320 total units, 248 were acquired in this transaction. The property is at 1100 N. Priest Drive in Chandler
- Residences at Stadium Village: Built in 2009, this 382-unit community is at 16485 N. Stadium Way in Surprise
- Sierra Canyon: Built in 2000, this 236-unit community is at 17500 N. 67th Ave. in Glendale
- Sierra Foothills: Built in 1999, this 322-unit community is at 13601 S. 44th St. in Phoenix
- Waterford at Peoria: Built in 2008, this 200-unit community (above photo) is at 14109 N. 83rd Ave. in Peoria
“The Phoenix multi-family market is extremely well positioned to benefit from the current recovery. Job and population growth are rising and market rents are projected to continue to improve,” Anderson said. “This acquisition will not only allow DRA to capitalize on the economic upswing, it immediately gives it a major presence in the market.”
The six Arizona assets are part of a larger portfolio offering that DRA is acquiring from UDR. The other eight multi-family communities are located in Florida, Texas and Virginia.