CBRE sells 4 Phoenix apartment communities
Bella Solano apartment community in Phoenix trades for $18.73 million
CBRE has completed the $18.73 million sale of Bella Solano, a 160-unit apartment community located at 5656 N. 17th Ave. in Phoenix. Luna Bear Phoenix, LLC was the seller. The buyer was Tides of 17th Partners, LLC.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller in the transaction. CBRE Capital Markets arranged the bridge debt financing for the acquisition of the property.
The property was originally constructed in 1971 with a second phase added in 1985. It features well-designed studio, one- and two-bedroom floor plans with fully-appointed kitchens. Community amenities include attractive courtyards with resort-style grounds, a swimming pool, covered parking, laundry facilities, barbeque grills, a fitness center and clubhouse.
Bella Solano is located on 17th Avenue, just east of 19th Avenue and south of Bethany Home Road in Central Phoenix. The community is within walking distance of the Valley Metro light rail. It is situated in an improving Central Phoenix submarket where rents have increased 11.55 percent year-over-year, according to CBRE Research.
CBRE announces sale of 3 apartment communities in Metro Phoenix
CBRE announced the sales of three Phoenix-area multifamily properties. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyers and sellers in the following transactions.
The Newport, a portfolio of 17 single-family detached fee-simple homes in an exclusive 38-home community in Tempe, Arizona, sold to a first-time Arizona investor for $7.45 million. The buyer was AW Newport, DST, a Delaware Statutory Trust. The seller was Wyoming-based Newport Landing, LLC. Located at 1106 E. Weber Drive in Tempe, the community features two- and three-story residences that range from 1,600 to 1,800 square feet.
Sun Ray, a 28-untit apartment community located at 1621 W. Denton Lane in Phoenix, sold for $3 million. The buyer, 1621 Denton, LLC, acquired the property from Kunal Malhotra, Marjan Sepassi and William Wojdak in a 1031 exchange. CBRE Capital Markets arranged the bridge debt financing for the acquisition of the property. The unit mix features one- and two-bedroom floor plans that average 855 square feet.
In a separate transaction, 1621 Denton, LLC acquired Heritage Park apartment community from Kunal Malhotra, Marjan Sepassi and William Wojdak for $2 million in a 1031 exchange. CBRE Capital Markets arranged the bridge debt financing for the acquisition of the property. Located at 1545 W. Denton Lane in Phoenix, the property features one- and two-bedroom units ranging from 650 to 850 square feet.