CBRE has arranged the sale of the 297-unit Class A multifamily community Trillium 44 on behalf of Trillium Residential to an affiliate of the ConAm Group for $56 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Trillium Residential.
Located at 111 N. Dupont Circle in central Phoenix, Trillium 44 is a four-story, wrap-style apartment community featuring a modern swimming pool area with private cabanas and a grilling area, resident sports lounge, wine storage room, cybercafé, state-of-the-art fitness center, movie theater, dog park, and numerous courtyards with grilling stations.
“Trillium 44 is the only Class A community in the Airport Corridor and its central location places it within approximately 400,000 jobs in a five-mile radius,” said Cunningham. “At 97 percent leased, the community’s location and Class A amenities have provided a significant operational advantage in the submarket.”
According to CBRE Research, year-over-year Class A multifamily rent growth in Phoenix was among the best in the nation at 8.2 percent and Phoenix Class A occupancy in Q2 2019 was 95.3 percent.
“Trillium 44 represents an excellent opportunity to acquire a well-performing Class A community with stable cash-flow and upside potential in a submarket with favorable fundamentals and limited direct competition,” said ConAm Group CEO Rob Singh.
The ConAm Group is a multi-disciplined real estate investment and services firm based in San Diego, California. Established in 1975, ConAm currently operates a nationwide portfolio of over 54,000 apartment units in more than 26 key metropolitan areas.
