CBRE has completed the sale of Courtney Village, a 368-unit multifamily community located at 4848 E. Roosevelt Street in Phoenix, Arizona. The property commanded a sale price of $45.5 million.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, Irvine, CA-based PASSCO. The buyer was Continental Realty Advisors of Denver, CO.
“Courtney Village has broad resident appeal. The community’s central infill location provides immediate access to established, diverse employment corridors as well as urban entertainment hubs,” said CBRE’s Cunningham. “With a submarket occupancy rate of 95 percent and major recent submarket employment announcements, Courtney Village is well-positioned to experience further rent growth.”
Developed in 2002, Courtney Village is a desirable garden-style community with lush green landscaping and attractive community amenities including two resort- style pools, spa, 24-hour fitness center, gated access, and a dog park. Spacious one-, two- and three-bedroom open floorplans feature nine-foot ceilings, well-appointed kitchens, walk-in closets, full-size washer/dryers, and private patios/balconies.