CBRE has arranged the $27.5 million sale of East 3434, a 128-unit apartment property in Phoenix, to SB Real Estate Partners, a multifamily investment firm based in Irvine, Calif.
Located at 3434 E. McDowell Road, the 128-unit, garden-style community was originally constructed in 1985 and rebranded in 2020. The property consists of six three-story buildings and features a unit mix of one- and two-bedroom floor plans with an average size of 782 square feet. Community amenities include a swimming pool, barbecues, controlled security access gate, on-site laundry facility and leasing office, playground and covered parking.
The property sits less than one mile from Loop 202, connecting East 3434 to the rest of the Phoenix metropolitan area.
“East 3434 provides the new owner with an excellent value-add opportunity by completing the interior upgrades conducted by the prior ownership,” said Smuckler. “This is a very well-located asset in one of Phoenix’s fastest-growing submarkets.”
Submarket rents increased 10.6 percent year-over-year and the average vacancy improved by 125 basis points, according to CBRE research.
A recent CBRE survey of commercial real estate investors ranked Phoenix as a top-10 target among America’s metros. The Sun Belt market jumped five spots to #4 in the firm’s 2021 Americas Investor Intentions Survey.