CBRE Completes $2.98 Million Sale of Central Phoenix Multifamily Community

CBRE completed the sale of a 35-unit garden-style multifamily community located at 1815 W. Colter St. in Phoenix. MV2P Real Estate, LLC, a California investor who obtained new financing, purchased the property for $2.98 million or 99 percent of the list price. The seller is San Diego-based Crowne Point, LLC/Boyle Family Trust Agreement.

Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. Built in 1970, Crowne Point is a value-add property located in a dense central Phoenix neighborhood with immediate access to light rail, the I-17 freeway and Christown Spectrum Mall. The property, which features all two-bedroom, one-bath floor plans averaging 850 square feet, will be repositioned following the buyer’s acquisition. All units are also individually metered for electricity.