PHOENIX, ARIZ. – CBRE completed the sale of Indigo Lofts, a 65-unit multifamily community located in Mesa at 715-737 E. Brown Rd. The property commanded a sale price of $7.25 million.
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix Multifamily Investment Properties represented the Buyer Indigo Loft Apt, LLC, of Pleasanton, California and the seller Alden E. and Carol M. Seifried Living Trust in the transaction. Alex Walton with CBRE Capital Markets Debt & Structured Finance arranged the financing on behalf of Indigo Loft Apt, LLC.
“Indigo Lofts is located in a highly desirable Mesa submarket that is benefiting from the Metro Light Rail expansion,” said CBRE’s Smuckler.
The property is comprised of all two-bedroom, townhome-style floor plans averaging 964 square feet. A majority of the units have been renovated to include stainless steel appliances, new cabinetry, faux wood/ceramic tile flooring and modern bathroom fixtures. The community includes two swimming pools, an outdoor kitchen area with barbecue, on-site laundry facility and covered parking. The property is also individually metered for electricity.