CBRE Arranges $7 Million Sale of 80-Unit Mesa Apartment Community

CBRE has arranged the sale of 454 West, an 80-unit, value-add multifamily community located in Mesa at 454 W. Brown Road. The property commanded a sale price of $7 million.

Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the seller, Valleywide Apartments, LLC of Gilbert, Arizona, and the buyer, 454 West Brown Road Apartments, LLC of Scottsdale, Arizona, who obtained new financing through Newmark Realty Capital.

Constructed in 1972 with a repositioning planned, 454 West is comprised of all two-bedroom, two-bathroom units averaging 1,000 square feet. Units are individually metered for electricity.