CBRE Multifamily Investment Properties’ Brian Smuckler and Jeff Seaman have completed two all-cash sales transactions in metro Phoenix. The sales of the 121 Broadway (Tempe) and Bonfire (Central Phoenix) apartment communities totaled more than $5.9 million.
121 Broadway is a 36-unit community located at 121 East Broadway Road in Tempe with ideal proximity to Arizona State University. The asset was completely renovated and successfully repositioned in 2014-15 by the seller, 120 Broadway, LP.
Unit interiors at 121 Broadway include quartz countertops, contemporary cabinetry, brushed nickel hardware, polished concrete flooring and full-size washers and dryers in each unit. The Buyer, 5C Onyx Tempe, LLC of Anaheim, California, paid $3.8 million ($105,556 per unit/$139 per SF) for the asset. This was the buyer’s second Tempe purchase in the last three months.
“Tempe continues be a dominant submarket in metro Phoenix. The city is consistently seeing new and adaptive reuse development, and delivering best-of-class multifamily, office, and retail projects,” said CBRE’s Smuckler. “Investors are capitalizing on dynamic economic fundamentals, and we are seeing increased interest from out-of-state capital seeking fully renovated product in infill locations.”
Bonfire is a 24-unit community located at 529-530 East Mariposa Street in Central Phoenix. Purchased for $2.15 million ($89,583 per unit/$145 per SF), the buyer, Marcher Arizona, LLC of Troy, Michigan, paid all cash. The seller, Clear Sky Capital I, LLC of Phoenix, Arizona, acquired Bonfire twelve months ago, and increased rents by over 20%.
Nestled in a quaint cul-de-sac just south of Camelback Road and east of Central Avenue, Bonfire has excellent proximity to the light rail and nearby entertainment, while still maintaining a neighborhood environment. Interior features include private patios, faux vinyl wood plank flooring, refinished kitchen cabinetry with new fronts and hardware, new countertops, porcelain tile shower surrounds and breakfast bars.