Phoenix, Ariz. – CBRE has completed the sale of Riviera Village, a 162-unit multifamily community located at 1532 S. Price Road in Tempe, Ariz. Austin-based PBIV – 1532 South Price Road, LP, acquired the property from Riviera Partners, LLC of Scottsdale, Ariz. for $17.96 million in an off-market transaction. The property was 72 percent occupied at the time of closing.
Brian Smuckler, Jeff Seaman and Bryson Fricke with CBRE’s Phoenix office represented both buyer and seller.
Built in 1980, Riviera Village features one- and two-bedroom units with oversized kitchens and walk-in closets. The property offers residents and a plethora of amenities, including a pool, fitness center, playground, basketball court and barbeques.
“Recent interior renovations and improvements made to the community earlier this year were part of why the buyer was attracted to the property,” said CBRE’s Seaman. “The buyer plans to pick up where the seller left off and improve the property further with the addition of new amenities, an exterior renovation and a rebrand.”
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.