Sale of Lyra Residences fetches highest price per unit in 2020

Real Estate | 22 Jun |

CBRE has negotiated the sale of Lyra Residences, an 18-unit luxury townhome rental community comprised of two-story smart homes. Long Beach Trading Company Inc. acquired the property from Lyra Residences 38th St, LP, for $8.11 million or $450,333 per unit and $253/sq. ft. The transaction represents the highest sale in terms of price per unit this year in metro Phoenix. 

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer, who was completing a 1031 exchange, and seller in the transaction. 

Located at 2950 N. 38th Street in Phoenix, Lyra Residences is situated in the desirable East Phoenix submarket and is nearby to Biltmore Fashion Park, the world-renowned luxury shopping center with more than 60 high-end restaurants and retailers and Arizona’s newest Lifetime Fitness. The community is located minutes from Scottsdale, Tempe, Paradise Valley, downtown Phoenix and Phoenix Sky Harbor International Airport. 

The community was built in 2020 and offers three-bedroom, two and one-half bath townhomes that average 1,778 square feet. All units have private backyards, two-car garages, large laundry rooms with full-size washers and dryers, high-speed internet, keyless door entry and doorbell camera, smart climate control, and more.

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