CBRE sells 3 Valley multifamily properties for $32M

Above: Valencia Townhomes is a 36-unit community located at 550 W. Maryland Ave. in Phoenix. Real Estate | 21 Nov |

CBRE has completed the sales of three Phoenix-area multifamily properties totaling $31.93 million. 

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyers and the sellers in the following transactions. 

La Casa at McDowell, a 128-unit apartment community located at 3434 E. McDowell Road in Phoenix sold to 3434 E McDowell, LLC for $15.15 million. The seller was La Casa at McDowell, LLC. The garden-style apartment community was built in 1985 and features well-appointed one- and two-bedroom floor plans that range in size from 635 to 760 square feet. Nearly 20 percent of the units have been renovated and upgraded.

The Villas, a 70-unit garden-style apartment community located at 5712 N. 67th Avenue in Glendale, Arizona, sold to 17th at Glendale, LLC for $7.18 million. The seller was Villas Glendale, LLC. The buyer acquired the property completing a 1031-exchange.  The property offers one- and two-bedroom floor plans averaging 697 square feet and is nearby to public transportation, Grand Canyon University and Westgate Entertainment District. 

Valencia Townhomes, a 36-unit community located at 550 W. Maryland Ave. in Phoenix, was acquired by Revered No More, LLC for $9.6 million completing a 1031-exchange. The seller was 55 Valencia, LLC. The community comprises large two-bedroom units averaging 1,386 square feet and platted for individual resale potential. Amenities include a resort-style swimming pool, fitness center and garages.

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