CBRE Completes Two Metro Phoenix Apartment Sales Totaling $2.1 Million

CBRE Group Inc., has arranged the sales of two multifamily properties in the Phoenix metropolitan area in two separate transactions totaling $2.1 million.

Brian Smuckler and Jeff Seaman with CBRE’s Multifamily Investment Properties team in Phoenix represented the buyers and sellers in the following transactions.

 

  • Delana is a 21-unit, garden-style apartment community located at 5927 W. Rose Lane in Glendale, Ariz. Palo Verde RE, LLC sold the property to Snohomish, Wash.-based Delana Apartments, LLC for $1.25 million – 100 percent of the listing price. Built in 1963, the community features one-, two- and three-bedroom well-designed units individually metered for electricity.

 

  • Desert Cove Garden is a 15-unit, garden-style apartment community located at 1625 – 1627 W. Desert Cove Ave. in the Metrocenter submarket of Phoenix. FLJ Properties, LLC of Newport Beach, Calif., acquired the value-add property from a family trust for $850,000 in an all-cash, 1031 exchange. Built in 1973, the two-bedroom units average 800 square feet and are individually metered for electricity.

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