PHOENIX, ARIZ. – CBRE arranged the sale of Clarendon Park, a Class A garden-style multifamily community, located at 222 W. Clarendon Avenue in Phoenix. The property was acquired by 3rd Ave Investments, a Phoenix-based real estate investment and management firm, for $23.85 million from Phoenix-based Rincon Partners, a vertically-integrated, full-service real estate investment and management firm.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller in the transaction.
Built in 2002, Clarendon Park is a boutique community with 138 studios and one- and two- bedroom units. All units and common areas have been recently renovated with upgraded finishes, including stainless steel appliances, modern light fixtures and vinyl wood plank flooring. Residential units include walk-in closets, full-size washers and dryers, and private patios or balconies.
Clarendon Park is located in Phoenix’s Central Avenue Corridor with immediate light rail access, which appeals to the area’s growing workforce and student population. The Central Corridor has benefited tremendously from ongoing university and employment expansions, including ASU’s Downtown Campus and the Phoenix Biomedical Corridor.
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 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.
About 3rd Ave Investments
3rd Ave Investments is a real estate investment and management firm specializing in the acquisition and re-positioning of Arizona multifamily assets through a value-add private equity fund structure. Founded in 2015 by Zev Hendeles, 3rd Ave Investments has acquired more than 3,000 apartments with an aggregate market value of more than $315 million. 3rd Ave Investments targets poorly managed, undervalued and off-market investments, where opportunities exist to create value with an active management approach. Its boots-on-the-ground team has demonstrated a unique ability to maximize value through investment acumen, operational efficiencies, and local expertise. 3rd Ave Investments is directly involved in all aspects of the acquisition, re-positioning and/or redevelopment process with a hands-on approach.
About Rincon Partners
Rincon Partners is a vertically-integrated, full-service real estate investment and management firm. Since its founding in 2015, Rincon has acquired over 1,200 apartment units with an aggregate project value of over $150 million and is currently developing two Class A self-storage facilities with an aggregate project value of approximately $20 million. Rincon focuses on investments in multifamily and self-storage properties in the Southwestern United States. Its multifamily investment strategy targets moderately sized, value-add and core-plus investment opportunities. Its self-storage investment strategy includes the acquisition and development of Class A, climate-controlled properties in high growth markets. Rincon’s partners have over 60 years of experience in acquiring, developing, financing, managing and selling commercial real estate across multiple asset classes, with over $18 billion of real estate acquired and managed over their careers.