CBRE arranged the sale of the 300-unit Class A luxury multifamily community Broadstone Grand to Decron Properties for $106.5 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the sellers, developer Alliance Residential Co. and partner Appian Capital.
Built in 2020, Broadstone Grand’s luxury amenities include a resort-inspired pool area with waterfall feature and indoor-outdoor pool house, state-of-the-art fitness center with outdoor yoga lawn and Peloton bikes, resident clubroom with demonstration kitchen, lounge, and fireplace and outdoor gourmet grilling areas. The community’s gaming lounge includes a pool table, shuffleboard table, arcade games and entertainment island for resident events.
“Broadstone Grand’s best-in-class amenities and high-end interior finishes exemplify the quality of construction expected in an Alliance luxury community,” said Pesch. “The Broadstone Grand’s upscale appeal and central location in Tempe resulted in an exceptionally strong lease-up.”
Located at 1003 W. Washington Street, Broadstone Grand sits adjacent to the Loop 202 freeway with immediate access to Downtown Tempe, Arizona State University and Downtown Phoenix. Two light rail stations are within walking distance of Broadstone Grand making the community a Transit-Oriented Development.
“We remain attracted to metro Phoenix’s outstanding multifamily fundamentals, and the region’s long-term outlook for strong job and population growth will continue to drive demand for multifamily housing,” said Decron CEO David Nagel. “Broadstone Grand is our third acquisition in the Phoenix MSA this year, and we continue to explore additional opportunities to expand our portfolio.”
Metro Phoenix led the nation in multifamily rent growth in Q2 2021 with a 15.3 percent year-over-year increase, according to CBRE research. Multifamily occupancy across the metro area increased 70 basis points year-over-year to 96.8 percent.
Decron Properties Corp. is a diversified real estate company specializing in the acquisition, development, and management of multifamily apartment buildings, commercial shopping centers, office buildings. Alliance Residential Company is one of the largest and most active rental residential real estate developers in the United States. Alliance is headquartered in Scottsdale, Ariz. with 19 regional offices. Appian Capital is a real estate investment manager focused on investments across all property sectors in the West. Appian has offices in San Diego and Larkspur, Calif.