CBRE has completed the sale of 45 Lexington, a 23-unit apartment complex located at 45 East Lexington Avenue in Midtown Phoenix. The multifamily asset commanded a sale price of $1.875 million, or $81,522 per unit.
Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office negotiated the transaction on behalf the buyer, Continental Mountain LLC of Evergreen, Colorado, and the seller, Clear Sky Capital Lexington, LLC.
Built in 1963, 45 Lexington is located in a dynamic midtown Phoenix location and was completely renovated and repositioned in 2014.
“We see increasing investor demand for renovated assets that service millennial renters who are getting priced out of A-/B+ quality properties,” said Smuckler. “45 Lexington’s irreplaceable location in midtown Phoenix fueled its successful reposition, as it caters to this growing population of renters. This turn-key asset is ideally positioned to capitalize on expanding employment drivers.”
Interior property upgrades include polished concrete flooring, new contemporary cabinetry with brushed nickel hardware, quartz countertops with porcelain tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a sandblasted block facade with a contemporary metal monument sign, repurposed wood access gates with keyless entry, new dual-pane windows, and a resurfaced Pebble Tec swimming pool.