CBRE Group Inc. arranged the $40.25 million sale of Avenue 25, a 254-unit, Class A multifamily community located at 18250 N. 25th Ave. in Phoenix, Arizona.
Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Los Angeles-based TruAmerica Multifamily. The buyer was Salt Lake City-based Millburn & Company.
“In addition to the North Phoenix submarket boasting a 95 percent occupancy rate, there are no communities planned or under construction within a three-mile radius of Avenue 25, supporting high occupancy levels and strong rent growth prospects,” said CBRE’s Cunningham.
Avenue 25 is a garden-style community featuring comprehensive amenities including a resort-style pool and spa, pool area cabanas, modern resident clubhouse, fully-appointed fitness center, electric car charging stations and a gated dog park. The community is adjacent to Interstate 17 within the expanding Deer Valley employment corridor, home to approximately 120,000 jobs.