CBRE announced the sale of six multifamily properties in Phoenix, Tempe and Scottsdale, Ariz. for a total of $22.5 million.
The properties total 117 units and include:
• Parkview on 5th / 704-724 West 5th Street, Tempe – 17 units
• Baker’s Apartments / 3002 North 39th Street, Phoenix – 14 units
• Mount Crescent / 1452 East Cinnabar Avenue, Phoenix – 26 units
• The Chelsea / 2510 East Thomas Road, Phoenix – 12 units
• The Michelle / 834 North 13th Avenue, Phoenix – 24 units
• The Rise @ Old Town / 4020 North Parkway Avenue, Scottsdale – 24 units
The Parkview, Baker’s and Chelsea properties were acquired by private out-of-state investors while the Mount Crescent, Michelle and The Rise @ Old Town were purchased by Arizona-based limited liability companies.
All six properties have been extensively renovated to better meet the increasing rental demand in the region.
“The Greater Phoenix metro as well as other strategic regions in the state, such as Scottsdale, are some of the strongest multifamily markets in the country, and we have seen tremendous demand from private investors, many from out of state, who are looking for stable, income-producing investments,” said Smuckler.
A recent CBRE survey of commercial real estate investors ranked Phoenix as a top-10 target among America’s metros. The Sun Belt market jumped five spots to #4 in the firm’s 2021 Americas Investor Intentions Survey.