CBRE has completed the sale of Trillium Cave Creek, a 292-unit apartment community located at 20050 N Cave Creek Road in Phoenix, Ariz. Financial terms of the transaction were not disclosed.
Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The buyer was TM Equities of Salt Lake City, Utah. The seller was Phoenix-based Trillium Residential.
“Trillium Cave Creek offered a rare opportunity to acquire a class A asset in an excellent infill location experiencing high demand,” said CBRE’s Cunningham. “The property has demonstrated strong revenue growth and is well-situated to benefit from a light value-add program should the buyer so choose.”
Trillium Cave Creek benefits from an excellent location in North Phoenix with proximity to over 200,000 jobs in the Deer Valley, Scottsdale Airpark, Desert Ridge, and Camelback employment corridors. Additionally, the community is only five minutes from Desert Ridge Marketplace, which features 1.2 million square feet of retail, restaurant and entertainment amenities for residents to enjoy.
Built in 2008, Trillium Cave Creek was 94 percent occupied at time of sale. Units feature full-sized washers and dryers, walk-in closets and private patios and balconies. Community features include a 27-seat cinema, state-of-the-art fitness center and yoga studio, resort style swimming pool and climate controlled personal wine storage room for tenants.