CBRE Handles Sale of Summerly at Zanjero Apartments for $78.5 Million

CBRE has arranged the sale of the 340-unit Class A multifamily community Summerly at Zanjero on behalf of Fore Property to a private investor for $78.5 million.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Fore Property.

Located at 7375 N. Zanjero Boulevard in the Glendale submarket of Phoenix, Summerly at Zanjero is a LEED Silver Designed multifamily com­munity including Energy Star-rated appliances and energy-efficient windows and lights. Built in 2019, the new community features condominium-level unit finishes and a market-leading amenity package with two resort-style pools with spas and cabanas, a state-of-the-art fitness center, and a resident clubhouse with resort finish­es.

“Summerly at Zanjero is the newest Class A community delivered in the West Valley,” said Anderson. “The community generated significant interest from investors looking to acquire a Class A asset in one of the top-performing markets in the nation.”

According to CBRE Research, year-over-year Class A multifamily rent growth in Phoenix was 8.2 percent in Q2 2019, the second-best increase for all U.S. metros.

About CBRE Group, Inc.

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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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

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