Brian Smuckler and Jeff Seaman with CBRE Multifamily Investment Properties represented both buyer and seller in the transaction. Christopher M. Eklund, a first-time investor based in Palm Springs, California, purchased the multifamily community from Trinity Apartments, LLLP for nearly $2.3 million (approximately $177,000 per unit), or $214 per square foot, in a 1031 exchange.
Lee Villas was extensively renovated and repositioned in 2016 with premium finishes. The community is comprised of two- and three-bedroom units averaging 819 square feet. Modern finishes include, granite countertops, subway tile backsplashes, full-sized stainless-steel appliances, premium lighting fixtures, walk-in closets and in-suite stacked washer/dryers.
Located in a dynamic East Phoenix/Lower Arcadia location with high barriers to entry. The property is in proximity to three major freeways: Loop 202, State Route 51 and the Interstate 10, providing residents with convenient access to employment and entertainment centers across metro Phoenix.