Azul at Spectrum.
Azul at Spectrum and Borrego at Spectrum sell for $238.2 million
CBRE negotiated the sale of Azul at Spectrum and Borrego at Spectrum, a combined 624-unit multifamily community in Gilbert, Ariz. The Ezralow Company acquired the asset from San Diego-based The Premiere Residential. According to Vizzda, Azul at Spectrum sold for $138,221,000 and Borrego at Spectrum sold for $99,944,000.
CBRE’s Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen of Phoenix Multifamily Institutional Properties represented the seller.
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Completed in 2007, Azul at Spectrum (360 units) and Borrego at Spectrum (264 units) feature nine-foot ceilings, resident-centric amenities, and a low-density garden site plan with one-, two-, and three-bedroom units in all three-story buildings. Community amenities include two swimming pools and spa areas with cabanas, grilling stations, two fitness centers, two resident clubhouses and leasing centers, two playgrounds and a dog park.
“Gilbert is one of the top-performing multifamily submarkets in Metro Phoenix and the community provides tremendous upside potential,” said CBRE’s Sean Cunningham. “All of the units are in original condition and are perfectly positioned for a value-add renovation.”
Through the first half of 2022, Gilbert led all Metro Phoenix multifamily submarkets with 880 units of positive net absorption. Average submarket rent in Gilbert increased 19.1 percent in Q2 2022 outperforming the Metro Phoenix increase of 18.8 percent, according to CBRE Econometric Advisors.
“With the abundant retail, dining and entertainment options nearby, there’s no question that these properties are a top-tier location in Gilbert. We are excited about the opportunity to invest in another dynamic submarket in the Phoenix MSA,” said Bryan Ezralow, CEO of The Ezralow Company.
The Ezralow Company is a diversified real estate development and investment firm based in Southern California. With projects throughout the U.S., The Ezralow Company specializes in land acquisition, development and construction; property management; and strategic investment. Since 2021, The Ezralow Company has acquired 1,548 multifamily units in the region including Cactus Forty-2 Apartments, a 200-unit community in Paradise Valley and Elite North Scottsdale and Ascend at Kierland, a 724-unit luxury multifamily community in Scottsdale.
The Premiere Residential has developed and managed over 1,500 apartment units in Southern California since its inception in 1983. The Premiere Residential currently manages over 750 Class A apartments in San Diego and more than 2,800 Class A units in Phoenix.