CBRE has completed the sale of Desert Eagle Estates, a 196-unit apartment community located at 6917 N. 71st Ave. in Glendale, Arizona. Scottsdale, Ariz.-based ReNUE Properties, a local investor who obtained new financing, purchased the property for $18.1 million.
Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties and Jeff Kunitz and Johnathan Smith with CBRE Affordable Housing represented both the buyer and seller in the transaction.
“Desert Eagle Estates provides an investor with an asset located in a bustling Glendale 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 2006, Desert Eagle Estates features spacious one-, two- and three-bedroom floorplans. Community amenities include a resort-style swimming pool, barbecue picnic areas, playground, fitness center and clubhouse. The property is in proximity to the University of Phoenix Stadium, Glendale Community College and Northern Crossing Mall.
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 $14.9 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.