CBRE announced the sale of Sky Harbor Inn, a 237-unit multifamily property in Phoenix, for $17.06 million to a California-based private equity group.
Sky Harbor Inn was originally built in 1977 and is located at 2307 East Van Buren Street, proximate to several prominent locations including the midtown, downtown and Biltmore corridors, as well as several other employment and entertainment hubs in the greater Phoenix area.
“With the continued upward momentum of the Phoenix market, we saw this as a great opportunity to improve the community through targeted renovations and activation of amenity features,” said Josh Needle, president of Newport Beach, Calif.-based InTrust Property Group. “This project fits within our program- providing clean, safe, and appealing housing at affordable rents. We’re excited to see this transformation take place and fulfill a much-needed product within the metro.”
Added CBRE’s Smigiel, “We received a large amount of attention for this property,” said Smigiel. “Sky Harbor Inn recently went through several capital improvements including the replacement of several HVAC units and a new 30-year roof. These upgrades, along with great value-add opportunities through interior and exterior renovations, will enable the new owner to reposition the property in the coming years.”
A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.
The sale of Sky Harbor Inn is one of three transactions the team closed within a month, totaling about $69.7 million.