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.
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.