Central Phoenix Multifamily Community Sells for $3.02 Million

 

 CBRE completed the sale of a 26-unit multifamily community located at 1335 E. Thomas Rd. in Phoenix. Denver-based Coronado Flats, LLC, a first-time out-of-state buyer who obtained new financing, purchased the property for $3.02 million from 1335 Thomas, LLC.

Brian SmucklerJeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.

Built in 1954, Uptown Square features majority two-bedroom, one-bath floor plans. The property, which is individually metered for electricity, received extensive renovations in 2014. Unit upgrades include gourmet kitchens with new cabinetry, granite countertops, stainless steel appliances and vinyl wood plank flooring. Community amenities include a glass tile barbecue pit, pool, and outdoor kitchen. Located in a highly desirable central Phoenix/Encanto neighborhood, Uptown Square is minutes from downtown Phoenix and is less than a mile from State Route 51.