CBRE Completes $1.56M Sale of 1950s Apartment Community in Phoenix

PHOENIX, ARIZ.    CBRE completed the sale of Coronado, a single-story, 12-unit apartment community, located in central Phoenix’s Encanto neighborhood at 734 E. Coronado Rd. John C. Davis, a first-time out-of-state buyer based in Oregon who obtained new financing, purchased the property from Los Tres Borchachos, LLC, for $1.56 million.

Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties represented the buyer and seller in the transaction.

“This mid-century apartment community presented an investor with a strong value-add opportunity located in one of Phoenix’s oldest and most vibrant neighborhoods,” said CBRE’s Seaman.

Built in 1951, the garden-style community offers a mix of studio, one- and two-bedroom floor plans averaging 780 square feet. Community amenities include covered parking and an on-site laundry facility, while all units are individually metered for electricity.