CBRE sells Nineteen Apartments in Phoenix for $27M
CBRE has facilitated the sale of Nineteen Apartments, a 236-unit, garden-style apartment community in Phoenix. The community sold for $27 million/$114,406 per unit.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, Camelback at the Stop, LLC, and the buyer, Tides on 19th Partners, LLC, in the transaction.
Located at 4802 North 19th Avenue, Nineteen Apartments sits on 9.37 acres. The property’s unit mix consists of one-, two- and three-bedroom floorplans that range in size from 677 to 1,025 square feet. Community amenities include courtyards with resort-style grounds, a large swimming pool, covered parking, laundry facilities, BBQ grills, a playground and a clubhouse.
Nineteen Apartments is located in the desirable Midtown Phoenix submarket, where rents have increased 12.88 percent over the last year, according to CBRE Research. The community is in proximity to the Valley Metro Light Rail, several stops for the local bus system, and Interstates 10 and 17 and the Loop 101. Both Midtown Phoenix and nearby Downtown Phoenix are two of the Valley’s largest employment corridors and known for their niche food, shipping and entertainment experiences.