California-Based Investor Acquires Tempe Apartment Community for $7.5 Million

Phoenix, Ariz. – CBRE arranged the sale of 1133 West Fifth, a 44-unit multifamily property located at 1133 W. 5th St. in Tempe, Arizona. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Multifamily Investment Properties based in Phoenix negotiated the sale of the property on behalf of both the buyer and seller. Luna Bear 5th St., LLC, based in Manhattan Beach, California, acquired the property for $7.5 million from Treasure Star, LLC, based in San Diego.

Renovated in 2015, 1133 West Fifth offers various upgraded features including stainless steel appliances, new cabinetry and in-suite washers and dryers. Residents also have access to a new outdoor kitchen, community dog walking area, resort-style swimming pool and fitness center.

Featuring a highly desirable north Tempe address, 1133 West Fifth is located near Arizona State University’s Tempe campus as well as various employment hubs situated along Tempe Town Lake including Hayden Ferry Lakeside, Liberty Center at Rio Salado and Marina Heights.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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