CBRE Group, Inc., has arranged the sales of two east Phoenix multifamily properties totaling $5.84 million. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyers and sellers in the following transactions:
- Mode at Fairmount is a 23-unit contemporary apartment community located at 2104-2122 E. Fairmount Ave. in Phoenix. The buyer is Fox Island, Washington-based, Mode at Fairmount, LLC, a first-time out-of-state investor that obtained new financing. The property commanded $200 per square foot. Built in 1956 and renovated in 2016, the majority two-bedroom unit property features upgraded interior finishes, stainless steel appliances and dual pane windows. The property is also individually metered for electricity. Total consideration for the sale was $3.5 million.
- Trinity on 37th is a 12-unit contemporary apartment community located at 3416 N. 37th St. in Phoenix. The buyer is Los Angeles-based MAH Trinity, LLC, a first-time out-of-state investor. The all-cash transaction sold for the highest price per unit sale for a repositioned property in metro Phoenix. Built in 1960 and renovated in 2016, the property features all two-bedroom units with private patios and backyards. Each unit includes upgraded interior finishes, stainless steel appliances and kitchen islands. Total consideration for the sale was $2.34 million.
“Mode at Fairmount and Trinity on 37th represent two extensively renovated assets that were rebranded into boutique communities to match the improving east Phoenix rental market,” said CBRE’s Smuckler. “While new construction rental rates typically average over $2 per square foot, these 100 percent occupied properties commanded nearly $1.55 per square foot – a high rental rate per square foot for repositioned properties and an alternative rental choice in the east Phoenix submarket.”