CBRE has completed the sale of Greenbrook, an 80-unit multifamily apartment complex located at 3536 E. Cambridge Avenue in Phoenix. The property was sold for $4.1 million, or $52,188 per unit.
Greenbrook B and L LLC of Tustin, California purchased the property from Greenbrook Apartments LLC of Incline Village, Nevada. Brian Smuckler and Jeff Seaman of CBRE, senior vice president and first vice president respectively, brokered the transaction.
“The East Phoenix vacancy rate is currently under 6 percent and rental rates have increased nearly 12 percent year-over-year. After 17 years of continuous ownership, Greenbrook is a prime reposition opportunity,” said CBRE’s Smuckler. “New ownership plans to complete strategic exterior and interior renovations to rebrand the community and take advantage of the strength of the submarket.”
Built in 1974, Greenbrook is a two-story apartment community situated on over 3.15 acres with excellent street frontage on 36th Street. The property is comprised of one-bedroom/one bath and two-bedroom/two-bath floorplans that average 780 and 1,000 square feet, respectively. The property is located just south of Thomas Road less than a mile from the Desert Palms retail center, whose tenants include Home Depot, Wal-Mart, Staples, and a Harkins Theatre.