CBRE Brokers Sale of Two Metro Phoenix Multifamily Properties

CBRE completed the sale of two multifamily properties totaling $3.75 million in two separate transactions. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented both the sellers and the buyers.

Built in 1962, Gran Limon is a 24-unit, garden-style apartment community located at 1827 E. Lemon Street in Tempe, Arizona. The buyer, Los Angeles-based Runyon Properties, LLC, a first-time California investor who obtained new financing, purchased the property for $2.4 million from Gran Limon Apartments, LLC of Scottsdale, Arizona. The property features one- and two-bedroom floor plans averaging 519 square feet and units are individually metered for electricity. Renovated in 2015, units feature modern cabinetry, high-end black appliances, contemporary bath fixtures and spacious walk-in closets. Located nearby to Arizona State University, the property also benefits from being in walkable distance of a Metro light rail stop and several major freeways.

Rossmore, located at 6017 – 6025 N. 61st Avenue in Glendale, sold for $1.35 million. The buyer, Rossmore Apartments, LLC, a local investor who obtained new financing, purchased the value-add property from AZ Qualhousing, LLC on a 1031 exchange. Built in 1963, the 26-unit, garden-style apartment community consists of majority one-bedroom floor plans. Units feature fully appointed kitchens with full-size appliances, ceramic tile flooring and contemporary bathroom vanities. The property is located in a rapidly improving Glendale submarket and is in proximity to U.S. Highway 60.