CBRE facilitated the sale of Clarendon Park, a 138-unit multifamily community in Phoenix. CBRE’s Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the seller on the transaction. WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Anthony Valenzuela with CBRE Phoenix Debt & Structure Finance arranged the deal’s financing.
“This successful transaction is a strong bellwether for the Phoenix multifamily market,” said CBRE’s vice chairman Matt Pesch. “Economic fundamentals in Phoenix remain extremely healthy, bolstered by nation-leading population growth and excellent employment expansion. Demand for quality multifamily communities is very high with over 6,600 units of positive net absorption through the first half of the year, and the market is positioned to continue outperforming.”
Clarendon Park features a mix of one- and two-bedroom apartment homes. The community has recently upgraded amenities, including a refreshed fitness center, remodeled resident clubhouse and leasing center, updated pool area, new package lockers and a dog park.
The property’s midtown location is surrounded by the largest concentration of jobs in metro Phoenix, as well as dozens of restaurants and retail destinations within walking distance of Clarendon Park, and a Valley Metro light rail station is one block east of the community.
The transaction is WhiteHaven’s ninth multifamily acquisition in metro Phoenix. The community will be rebranded to Haven at Midtown, and Greystar will oversee management and leasing.
“The community’s ideal midtown location, value-add potential and strong performance history met all of our investment criteria,” said WhiteHaven principal Sam Grooms. “It is our mission to be the premier multifamily owner and operator in Phoenix, and we are looking forward to implementing strategic upgrades to the community and adding value for our investors and residents.”