CBRE has recently completed the sale of Osborn Place, a 30-unit multifamily property located at 1414 E. Osborn Road in Phoenix. The buyer was Meier Family, LLC, completing a 1031-exchange. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. Total consideration for the deal was $2.825 million.
Located in a desirable central Phoenix location, the garden-style community was originally constructed in 1958 with renovations completed in 2014. The property features a mix of studio, one-bedroom and two-bedroom units ranging from ±500 sq. ft. to ±1,200 sq. ft. Renovations include polished concrete and faux-wood flooring, resurfaced cabinetry, quartz countertops and stainless steel appliances. Community amenities include covered parking, Wi-Fi and a card-operated laundry facility. The property is also individually metered for electricity.