CBRE’s Multifamily Investment Group have completed the sale of the Bethany Gardens apartment community in North Central Phoenix. The 35-unit complex, located at 1420 East Bethany Home Road, commanded a sale price of $3.2 million, or $91,429 per unit.
The buyer was Bethany Gardens Investments LLC of Scottsdale, Ariz. The seller was The Kevin Green Trust of San Diego, California. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and seller in the transaction.
“With excellent street frontage in a high-barrier to entry submarket, this urban core asset is a tremendous reposition/re-brand opportunity,” stated Brian Smuckler. “Value-add opportunities in well located infill locations are extremely rare to find, especially one so well placed in proximity to restaurants and entertainment that residents can walk to. With planned renovations to match class A specs, this single story community will capture the B+/A- resident profile that is getting priced out of new class A construction. This renter population is willing to pay for location, low density, and contemporary finishes with quality amenities.”
Built in 1978, Bethany Gardens is a single story apartment community situated on approximately 2.3 acres with street frontage on Bethany Home Road.
The property is comprised of all two-bedroom/two-bath floorplans that average 925 square feet with washer/dryers and private front and rear patios.