Phoenix, Ariz. – CBRE has completed the sale of Lake Pleasant Village, a 152-unit apartment community located at 20702 N. Lake Pleasant Road in Peoria, Arizona. Scottsdale, Ariz.-based ReNUE Properties, a local investor who obtained new financing, purchased the property for $15.75 million from Investment Builders, Inc.
Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties and Johnathan Smith with CBRE Affordable Housing represented both the buyer and seller in the transaction.
“Lake Pleasant Village provides an investor with an asset located in a strong Peoria submarket,” said CBRE’s Smuckler. “We were once again able to leverage the resources of CBRE Affordable Housing to access a greater investor pool and obtain a selling price well above the listed amount.”
Constructed in 2004, Lake Pleasant Village features spacious one-, two-, three- and four-bedroom floorplans. Community amenities include a resort-style swimming pool, barbecue picnic areas, playground, fitness center and clubhouse. The seller, Investment Builders Inc., has specialized in real estate investment, development, and construction throughout Texas, New Mexico and Arizona since 1978.
CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $17.2 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.