CBRE recently completed the sale of 1133 West Fifth, a 44-unit multifamily property located at 1133 W. 5th St in Tempe, Arizona. Brian Smuckler and Jeff Seaman of CBRE Multifamily Investment Properties in Phoenix negotiated the property on behalf of both buyer and seller.
The seller was Alchemy Partners, LLC. The buyer was Trimark-2016 Arizona Investments, LLC.
Total consideration for the transaction was $7.15 million.
“Rental rates in Tempe are consistently increasing. In Q3 2016, rents averaged $1065 per month, an increase of 5.8 percent year-over-year,” said CBRE’s Jeff Seaman. “These increases are indicative of the submarket’s growth, a direct results of dynamic new employers, development and continued evolution of the Arizona State University campus. 1133 W. Fifth is ideally positioned to take full advantage of the economic development taking place in the surrounding area.’
Repositioned in 2015, 1133 West Fifth boasts several appealing interior unit features including low emission windows, stainless steel appliances, private balconies and premium light fixtures. The multifamily property also offers regularly sought after amenities such as an outdoor kitchen, community dog walking areas, a resort-style swimming pool and a fitness center. Located in the dynamic North Tempe submarket, 1133 West Fifth is within walking distance of Arizona State University and State Farm’s Marina Heights retail/office campus.