California Investor Purchases $2.3 Million Apartment Community in Florence, AZ

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.

 

Brian Smuckler and Jeff Seaman with CBRE Multifamily Investment Properties in Phoenix represented the buyer and seller.

 

“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.