CBRE has completed the sale of two multifamily properties located in the metro Phoenix area in two separate transactions totaling $4.825 million.
Brian Smuckler Jeff Seaman, Derek Smigiel with CBRE’s Phoenix office represented the buyers and sellers in both transactions.
· Northern Palms is a 50-unit multifamily community located at 2835 W. Northern Avenue in Phoenix’s Metrocenter submarket. S & L Millennium Investments, LLC, sold the property to Scottsdale, Arizona-based APLUSREALTY, LLC, a first time investor, for $3.125 million. Built in 1972 and repositioned in 2016 after extensive renovations, the property consists of all one-bedroom units averaging 608 square feet.
· Keswick is a 28-unit multifamily community located at 1623 W. Denton Ln. in Phoenix. The buyer, Castaic, California-based 3751 National Avenue, completed a 1031 exchange and purchased the property from Arizona-based Keswick Apartments, LLC, for $1.7 million. Built in 1979, the property presents the buyer with a value-add opportunity located in an established North Central Phoenix submarket. The community consists of majority two-bedroom units averaging 861 square feet that are individually metered for electricity.