CBRE announced the sale of a 135-unit multifamily property, The Flats at Granite Reef, in Scottsdale, Ariz. to Girard Flats, LLC for $17.5 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the California-based seller, and the buyer, a private partnership completing a 1031-exchange.
The buyer acquired the property by assuming the first and second loans with a combined amount of approximately $10.5 million.
Located at 980 north Granite Reef Road, the property features one- and two-bedroom apartments. Common amenities include a pool, game room, laundry facilities, courtyard, and clubhouse.
“The Scottsdale submarket has extremely high barriers to entry especially for low-density singlestory assets,” said Seaman. “The buyer is planning an extensive rehab program, which includes updating the interiors, improving the common area amenities and repositioning and rebranding the community.”
The metro Phoenix area continues to experience pent-up multifamily investment demand from both local and out-of-state capital due to robust employment growth, net in-migration and strong market fundamentals, according to CBRE research.