CBRE Completes $39.5 Million Sale of Verde Apartments in Phoenix

PHOENIX, ARIZ.  CBRE has negotiated the sale of Verde Apartments, a 204-unit Class A multifamily community with substantial value-add upside in the highly coveted North Scottsdale submarket. Situated at 17950 N. 68th Street, the property sold for $39.5 million.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Phoenix represented the seller in the transaction. FPA Multifamily of Irvine, CA acquired the property.

Built in 2009, Verde offers one-, two- and three-bedroom floor plans  with ten-foot ceilings on the first floor and nine-foot ceilings on the second and third floors, granite countertops, walk-in closets, full-sized washer/dryers and private balconies/patios. Common area amenities include a swimming pool and spa, stainless steel poolside barbecue and dining area, a fully-equipped fitness center and a dog park.

The property benefits from proximity to Scottsdale’s world class dining, shopping, resorts and golf courses. Additionally, the community is adjacent to the Scottsdale Airpark and Desert Ridge/Mayo Clinic employment corridors.