PHOENIX – January 10, 2018 – CBRE has completed the sale of a single-story, 56-unit multifamily community located at 440 Florence Heights Dr. in Florence, Arizona. Fullerton, California-based Hyperion Group, LLC, a first-time out-of-state investor, purchased the property for $2.3 million from TND Holdings, LLC.
“Bighorn Ranch presented investors the opportunity to acquire an underperforming asset located in a supply-constrained rental market with tremendous value-add potential through moderate exterior upgrades as well as the potential construction of additional units,” said CBRE’s Seaman.
Constructed in 1996, Bighorn Ranch is a garden-style property consisting of one- and two-bedroom floor plans averaging 639 square feet. Units are equipped with faux-wood tile flooring, sliding back doors and additional storage rooms. Community amenities include a large swimming pool, covered parking and an on-site laundry facility. The property is individually metered for electricity and features low-water-use desert landscaping.