Phoenix, Ariz. – CBRE completed the sale of Tana Lea, an 18-unit apartment community, located near 19th Avenue and Bethany Home Road in Phoenix. Trinity FW Investment Group, LLC out of Honolulu, Hawaii purchased the property from Phoenix based Oliverio Apartments, LP, for $1.75 million, or $97,222 per unit.
Located at 1939 W. Berridge Lane in Phoenix, the garden-style community was built by the Oliverio family in 1963 and has been under the same ownership for 55 years. The two-story property features all two-bedroom, two-bath floor plans averaging 960 square feet. The community is within walking distance to the Metro light rail, Christown Spectrum Mall and Abrazo Central Campus, a 221-bed hospital and acute care center.
“This represents a true value-add opportunity in an improving submarket that has benefited from the Metro light rail expansion and gentrifying 19North community,” said CBRE’s Smuckler.
The buyer plans to extensively renovate and rebrand the community.
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.