CBRE facilitated the $62.75 million sale of Parc Tolleson, a 258-unit Class A multifamily community in Tolleson, Ariz.
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CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Evergreen Devco, Inc., in the sale. Troy Tegeler and Trevor Breaux with the CBRE debt & structured finance team, arranged financing for the buyer, Millburn & Company.
“Parc Tolleson is new, highly amenitized housing with a very impressive lease-up,” said Mr. Groen, vice president at CBRE. “The community’s relative affordability and strategic location along two of the most dynamic growth corridors in Metro Phoenix bolstered unprecedented resident demand.”
Completed in 2023, the garden-style community features one-, two- and three-bedroom floorplans, averaging 961 sq. ft. Each unit’s interior features 9-foot ceilings, vinyl plank flooring, full-size washer and dryers and gourmet kitchen features.
Located at 8727 West McDowell Road, Parc Tolleson sits at Loop 101 and Interstate 10 intersection, which connects the property to the Westgate Entertainment District and larger employers.
Parc Tolleson’s community amenities include a resort-inspired pool deck with fireplace lounges and poolside dining areas, EV charging stations, a pet spa, and a 24-hour fitness center. Parc Tolleson also features a clubhouse with gaming tables, seating areas, and a coffee bar.
“We are excited to add Parc Tolleson to our multifamily portfolio and look forward to exploring additional investment opportunities in the market,” said Millburn & Company CEO Jed Millburn. “Phoenix continues to demonstrate excellent underlying multifamily fundamentals.”
According to research analyzed by CBRE, Metro Phoenix posted over 12,000 units of multifamily absorption in 2023, one of the top-performing absorption totals of all U.S. metros. The region’s strong demand continued into 2024, with over 5,800 units of absorption in the first quarter.
“The seamless completion of this transaction speaks volumes about the dedication and professionalism demonstrated by all parties involved,” said Evergreen’s Director of Asset Management, Michelle Sinclair. “This is a difficult economic environment for transacting, and we’re grateful for the commitment displayed by both Millburn & Company and CBRE.”
