CBRE arranged the sale of the 163-unit multifamily community Stadium Vue Townhomes in Peoria, Ariz. to Jason McCool for $47.3 million.
Built in 2007, Stadium Vue Townhomes is a Class A multifamily community featuring all townhome-style units. The community’s amenities include a resort-style pool and spa area with kegerators, 24-hour state-of-the-art fitness center, resident clubhouse, executive business center, picnic areas with gas and charcoal barbeques, parcel pending lockers and a citrus grove.
“The seller’s excellent upgrades to the property enhanced the resident experience and added substantial value,” said Cunningham. “Stadium Vue Townhome’s Class A amenities and unbeatable location within the P83 Entertainment District drive perpetual demand and were very attractive to investors.”
Located at 7677 W. Paradise Lane in Peoria, Stadium Vue Townhomes is one of three multifamily communities in the P83 Entertainment District. P83 and the adjacent Arrowhead Towne Center super regional mall offer approximately 4.4 million square feet of walkable amenities, including the spring training facilities for the San Diego Padres and Seattle Mariners.
“Stadium Vue Townhomes is an excellent Class A asset with the potential to add value to a well-located community,” said McCool. “The multifamily fundamentals in Phoenix are among the best in the country and this community is ideally positioned to benefit from strong demand in the region.”
Jason McCool is the founder of Executive Coatings and Contracting LLC (ECC), one of the largest multifamily renovation firms in the West. Founded in 1977, San Diego-based Sunroad Enterprises has developed, owned, and operated successful office, multifamily, resort, retail, land and industrial projects.