CBRE has completed the sale of The Collins, a 21-unit multifamily property located at 320 West Pasadena Ave. in Phoenix. Total consideration for the sale was $3.2 million.
Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. The buyer, West Vancouver, British Columbia-based Becison Investments, Inc., was a first time Canadian investor that obtained new financing. The seller was Clear Sky Capital Partners V, LLC.
Originally constructed in 1959, the boutique apartment community features one-, two- and three-bedroom units averaging 830 square feet. The property was extensively renovated in 2016 and includes upgraded interior finishes, polished concrete floors and stainless steel appliances.
The community is located in a north central Phoenix submarket with access to Valley Metro light rail and within walking distance to Uptown Plaza. Additionally, the property is individually metered for electricity.