CBRE facilitates sales of 2 Tempe apartment communities
CBRE has arranged the sales of two multifamily properties in Tempe, Arizona totaling $4.2 million.
Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investments Properties negotiated the following transactions:
In the first transaction, Trinity Apartments, LLP sold Tempe Cottages to Paradise Valley, Ariz.-based SPB Apartments, LLC for $2.55 million, or 100 percent of the listed price. CBRE represented the seller in the transaction. Tempe Cottages, located at 2301-2309 S. College Ave. in Tempe, is an 18-unit contemporary boutique apartment community comprised of one-bedroom units averaging 613 square feet. Completely renovated and repositioned in 2016, the property boasts new modern shaker style cabinetry, subway-tile backsplashes, high-end stainless-steel appliances and spacious walk-in closets.
In the second transaction, Scottsdale, Ariz.-based 1116 Lemon LL sold Campus Lofts to Encinitas, Calif.-based Paul Adams Palms, LLC for $1.65 million on a 1031 exchange. CBRE represented both the buyer and the seller. The 19-unit, value-add student housing apartment community is located in the North Tempe submarket adjacent to Arizona State University at 1116 E. Lemon Street. The property was built in 1960, with renovations planned.
In the first quarter of 2017, Tempe rents average $1.33 per square foot – 20 percent greater than the metro Phoenix average. Additionally, both properties benefit from proximity to Mill Avenue Entertainment District, Tempe Town Lake, and major freeways, including Loop 101, Loop 202 and U.S. 60.