CBRE arranged the $4.85 million sale of a newly constructed, 17-unit townhome-style multifamily community located at 2340 E. McKellips Rd. in Mesa, Ariz. Regency Park, LLC, acquired the property from 2400 E. McKellips, LLC, in a 1031 exchange transaction.
CBRE’s Brian Smuckler and Jeff Seaman completed the sale on behalf of both the buyer and seller. Alex Walton with CBRE Debt & Structured Finance arranged the financing for the deal through a Small Balance Loan from Freddie Mac.
“With the increasing demand for new and renovated multifamily housing in metro Phoenix, we were able to leverage the community’s highly desirable north Mesa location, new contemporary designed construction and premier amenities that commanded the interest from private capital exchange investors,” said Smuckler.
Developed in 2018 by Scottsdale, Ariz.-based Porter Kyle, The Alan is a contemporary style Class A multifamily community consisting of 17 three-bedroom, two-bath townhomes. Individual residences, averaging approximately 1,280 square feet, are equipped with high-end finishes including hardwood floors, gourmet stainless steel appliances, granite countertops, 10-foot ceilings and in-suite washers/dryers. Units also feature two-car direct access garages, balconies and private backyards.
“The Alan was a great project for us to complete and we’ve received tremendous feedback from both our residents and the City of Mesa during our ownership,” said Taylor Shultz with Porter Kyle. “We have several other projects in different stages of construction/development in the pipeline and look forward to bringing additional quality townhome rental communities to the Valley.”
Scottsdale, Ariz.-based Porter Kyle is a vertically integrated multifamily developer and builder who entitles, designs and builds contemporary, energy efficient townhome communities.