CBRE has brokered the $75.1 million sale of Galleria Palms, a 424-unit, garden-style multifamily community with value-add potential in Tempe, Arizona.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, an institutional investor on behalf of a separate fund client. The buyer was a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management, L.P.
Located at 1600 W. La Jolla Drive in Tempe, Galleria Palms boasts a highly visible location adjacent to U.S. 60 and I-10 in the dynamic Tempe submarket, which continues to experience unprecedented job growth.
The property has a timeless low-density site plan, common area amenities including two swimming pools, a volleyball court, an indoor basketball court, barbeque areas and a children’s playground. Individual residences have nine-foot ceilings, well-appointed kitchens, full-size washer/dryers, walk-in closets and private balconies/patios.
