CBRE arranged the sale of Pavilions on Central, a 254-unit Class A multifamily community, located at 1 W. Campbell Ave. in Phoenix, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, a Dallas, Texas- based private real estate fund advised by Crow Holdings Capital – RE. The buyer was Seattle, Washington-based Security Properties and funds managed by Los Angeles, California-based Oaktree Capital Management, L.P.
“Pavilions on Central combines unique townhome-style floor plans with convenient attached parking in a vibrant urban center,” said CBRE’s Pesch. “The community has a high-profile location along Central Avenue with excellent proximity to the light-rail line. Recently completed interior renovations position Pavilions on Central to absorb growing demand for multifamily housing in Phoenix’s Central Corridor.”
Built in 2000, Pavilions on Central is an urban community featuring a mix of townhome and loft-style units with one-, two- and three-bedroom floor plans. All 254 units were renovated from 2013-2016 and received upgraded interior finishes including wood plank flooring, stainless steel appliances, tile backsplashes, quartz countertops, and modern plumbing and lighting fixtures. The community features a contemporary resident clubhouse, fully equipped fitness center, swimming pool and spa, and WiFi in all community areas.
