CBRE negotiated the sale of a three-property multifamily portfolio in Downtown Phoenix, totaling 323 units. The portfolio includes Linear (104 units), iLuminate (111 units) and The McKinley (108 units), three boutique, Class A multifamily communities located within one-half mile of each other in the Roosevelt Row neighborhood. Regent Properties, a vertically integrated real estate investment management and development firm, acquired the portfolio for $90 million.
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CBRE’s Asher Gunter, Matt Pesch, Austin Groen and Sean Cunningham represented the seller, Baron Properties. Jesse Weber and Andrew Behrens of CBRE Debt & Structured Finance arranged financing on behalf of the buyer. The transaction marks Regent Properties’ first Phoenix-area multifamily acquisition.
“Multifamily assets in Downtown Phoenix continue to attract significant interest from institutional investors, and this portfolio was an exceptionally attractive opportunity to acquire three high-performing communities,” said CBRE’s Gunter, vice chairman and managing director of the Southwest region. “Regent Properties made an extremely strategic choice for their first Phoenix multifamily acquisition.”
Built by Baron Properties between 2016 and 2020, Linear (295 East Roosevelt Street), iLuminate (290 East Roosevelt Street) and The McKinley (280 West McKinley Street) feature high-quality podium construction, air-conditioned interior corridors, multiple elevators, resort-style swimming pools, rooftop patios and contemporary urban design aesthetics.
Founded in 1989, Regent Properties is an SEC-registered investment advisor and is a real estate investment management and development firm based in Los Angeles and Dallas. The company is a vertically integrated operator and fund manager with current investments concentrated in eight Sun Belt markets. Regent’s assets under management are $1.8 billion as of the end of March.
“Having invested in commercial and residential land and lot assets across the Valley for 20 years, we are excited to enter the Phoenix multifamily market with these three outstanding Class A communities and look forward to adding value to the properties for our investors and residents,” said Regent Properties Chief Investment Officer Sam Kraus. “Roosevelt Row has emerged as the cultural epicenter of Phoenix, and Regent is excited to participate in the neighborhood’s creative energy and future growth trajectory.”
Downtown Phoenix is the metro’s largest employment corridor, supporting approximately 138,000 jobs. The Roosevelt Row neighborhood is a walkable arts district that features museums, galleries, cafes, bars and culinary scene.
Baron Properties is a privately owned, full-service real estate firm focused on investments, development, and management of multifamily and industrial assets. Since 1983, Baron has invested in, developed, or redeveloped more than $2 billion worth of properties across Colorado, Arizona and Idaho.
“Since construction completion, these assets have outperformed the market given their boutique nature, best-in-class floorplans, and amenity set, and their unique location in an ever-improving location along Roosevelt Row. The properties meet the demands of renters in Phoenix and are extremely well-positioned for future growth. Our firm, along with our partners, are extremely pleased with the outcome and with CBRE’s aid with a seamless execution in the disposition,” said Baron Properties President Matthew Riggs.
