CBRE helps California investors buy 2 Phoenix multifamily properties
CBRE completed the sale of two multifamily properties in Phoenix totaling $6.95 million in two separate transactions. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented both the sellers and the buyers.
Built in 1964, The Markley is a 27-unit contemporary apartment community located in east Phoenix at 3161 E. Glenrosa Ave. The buyer, Luna Bear Markley, LLC, a California investor who obtained new financing, purchased the property for $4.7 million from Clear Sky Capital Partners VI, LLC. The property features large one- and two-bedroom floor plans averaging 977 square feet and is individually metered for electricity. Renovated in 2017, units feature premium finishes including new cabinetry, stainless steel appliances, quartz countertops and floor-to-ceiling porcelain shower tiles. The property is situated in a highly desirable east Phoenix/Arcadia neighborhood with convenient access to numerous retail, dining and entertainment destinations.
Twin Palms, located at 329-349 N. 14th St. near downtown Phoenix, sold for $2.25 million. The buyer, Larb Holdings, LLC, a first-time California investor who obtained new financing, purchased the property from Helios Properties, LLC. Built in 1986, the 20-unit apartment community consists of majority two-bedroom floor plans ranging from 550 to 750 square feet. Units feature full-size appliances, new bathroom vanities and dual pane windows as well as access to on-site laundry. The property is in proximity to downtown Phoenix’s numerous cultural, retail, education and entertainment options and is within walking distance to Metro light rail.