CBRE arranges 3 multifamily sales to out-of-state investors
CBRE announced the sale of three multifamily properties in Arizona to out-of-state investors. CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke negotiated the transactions.
Loft 6, a six-unit community located at 6945 E. 2nd Street in Scottsdale, Ariz. sold to Oldtown Scottsdale Apartments, LLC, a California investor, for $1.43 million in an all-cash transaction in 30 days. The seller was Marcher Arizona, LLC. The 100 percent leased property offers one-bedroom loft-style units averaging 935 square feet that were originally built as condominiums. The property was extensively renovated in 2014 and features high vaulted ceilings, floor-to-ceiling windows, in-suite washer and dryers, and private patios. Loft 6 is situated in a dynamic Old Town Scottsdale location near Scottsdale Fashion Square Mall, Scottsdale Waterfront, Scottsdale Stadium, Fifth Avenue Shopping District and the Scottsdale Arts District.
Cameron & Morrison, a 19-unit apartment community at 601 N. Cameron Street & 515 E. 6th Street in Casa Grande, Ariz., sold to 515 E. 6th Street, LLC, a Tennessee investor, for $1.36 million, or 97 percent of the list price. The seller was Usajireh, LLC. The garden-style apartment community is located in a desirable downtown Casa Grande location and features a unit mix comprising one- and two-bedroom floor plans that range in size from 350 to 1,075 square feet. Interior unit amenities include fully appointed kitchens with full size appliances, spacious closets, ceiling fans and upgraded bathroom vanities.
Mountain Springs Apartments, LLC, a first-time investor from Seattle, acquired Mountain Springs, a 16-unit apartment community located at 1725 W. Vogel Avenue in Phoenix from Old Republic Exchange Co. for $1.3 million. Alex Walton of CBRE Debt & Structured Finance arranged the financing for the acquisition. Built in 1981, the property was renovated and repositioned in 2019 and features one- and two-bedroom floor plans that range in size from 600 to 800 square feet. Most units have been upgraded and feature refaced cabinetry, new countertops, full-size electric appliances, faux wood vinyl flooring, spacious walk-in closets and contemporary bathroom vanities.