CBRE Completes Sales of Two Tempe Multifamily Communities Totaling $10 Million

CBRE Group, Inc. has arranged the sales of two multifamily communities located in Tempe, Arizona with a total consideration of $10 million.

Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyers and sellers in both of the following transactions:

  • 1133 West Fifth is a 44-unit community consisting of all two-bedroom units individually metered for electricity. The property was repositioned and renovated in 2015, and commanded a sale price of $7.5 million, or $170,454 per unit. The sellers were Trimark West Fifth Apartments, LLC and Trimark-2016 Arizona Investments, LLC. The San Diego-based buyer, Treasure Star, LLC, purchased the property in a 1031 exchange.
  • Arbor, located at 1548 W. University Drive is a 26-unit, value-add multifamily property comprised of mostly two-bedroom units averaging 825 square feet. The seller was Paul Adams Palms, LLC. The buyer, Beverly Hills-based The Tides at Tempe, LLC, plans to reposition and rebrand the single-story, block-constructed property. Total consideration for the property was $2.6 million, or $100,000 per unit.

 

Both communities are located in the prefered North Tempe submarket walkable to Arizona State University, the Mill Avenue District and State Farm’s Marina Heights campus, the largest office development in Arizona history. The properties benefit from proximity to major transportation assets, such as Valley Metro Light Rail, the Tempe Orbit, Loop 202 and Sky Harbor Internatinal Airport.

Leave a Reply

Your email address will not be published. Required fields are marked *

three × three =