Arcadia Area Apartment Community Sells for Nearly $2.3 Million

CBRE has completed the sale of Lee Villas, a 13-unit contemporary, garden-style apartment community located at 3212 N. 37th Street in Phoenix.

 

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.