CBRE Arranges Two Multifamily Sales in North Phoenix

Phoenix, Ariz. – CBRE has brokered the sale of two multifamily properties in the North Mountain submarket in Phoenix with a combined sale price of $3.145 million.

Brian Smuckler, Jeff Seaman and Derek Smigiel completed the transactions on behalf of both the buyers and the sellers of the properties.

Pineview Meadows, a 21-unit apartment community located at 8827 N. 3rd Street in Phoenix, sold for $1.6 million in an all-cash transaction. Fountain Valley, Calif.-based Hong Hanh Le Dao acquired the property from Avit 1, LLC. The property, which offers majority of one-bedroom floorplans averaging 525 square feet, was extensively remodeled and repositioned with premium finishes in 2017.

Mount Cresent is a 26-unit multifamily community located at 1452 E. Cinnabar Ave. in Phoenix. Scottsdale, Ariz.-based Mt. Crescent, LLC, an all-cash, 1031 exchange buyer, purchased the property from Dustin Markowski and Sharon Markowski, (Trustees of the Markowski Foundation Charitable Trust) for 100 percent of the listed price at $1.545 million. Built in 1980, the property is comprised of studio, one-, two- and three-bedroom units that range in size from approximately 550 to 1200 square feet.

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