CBRE Completes $75.1 Million Sale of Tempe Multifamily Property

Phoenix, Ariz. – CBRE has brokered the $75.1 million sale of Galleria Palms, a 424-unit, garden-style multifamily community with value-add potential in Tempe, Arizona.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, an institutional investor on behalf of a separate fund client. The buyer was a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management, L.P.

Located at 1600 W. La Jolla Drive in Tempe, Galleria Palms boasts a highly visible location adja­cent to U.S. 60 and I-10 in the dynamic Tempe submarket, which continues to experience unprecedented job growth.

The property has a timeless low-density site plan, common area amenities including two swimming pools, a volleyball court, an indoor basketball court, barbeque areas and a children’s playground. Individual residences have nine-foot ceilings, well-appointed kitchens, full-size washer/dryers, walk-in closets and private balconies/patios.

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

 

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