CBRE completed the sale of Courtney Village, a 368-unit multifamily community located at 4848 E. Roosevelt St. in Phoenix, Arizona. The property sold for $45.5 million.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, California-based PASSCO. The buyer was Denver-based Continental Realty Advisors.

Developed in 2002, Courtney Village is a desirable garden-style community with lush green landscaping and attractive community amenities including two resort- style pools, spa, 24-hour fitness center, gated access, and a dog park. Spacious one-, two- and three-bedroom open floorplans feature nine-foot ceilings, well-appointed kitchens, walk-in closets, full-size washer/dryers, and private patios/balconies.

“Courtney Village has broad resident appeal. The community’s central infill location provides immediate access to established, diverse employment corridors as well as urban entertainment hubs,” said CBRE’s Cunningham. “With a submarket occupancy rate of 95 percent and major recent submarket employment announcements, Courtney Village is well-positioned to experience further rent growth.”