CBRE arranged the sale of the 276-unit multifamily community The Paragon at Kierland to San Diego-based Sunroad Enterprises for an undisclosed amount.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Sentinel Real Estate Corporation.
Built in 2000, The Paragon at Kierland is located adjacent to the Westin Kierland Resort and Golf Course, providing unobstructed golf course views from select units.
The community’s amenities include a lagoon-style pool with private cabanas overlooking the golf course, an outdoor kitchen area with TV and fire pit, state-of-the-art fitness center and resident clubhouse.
“The Paragon at Kierland has an irreplaceable location adjacent to the Westin Kierland golf course, and the community is perfectly positioned for strong upside potential,” said Pesch. “Phoenix is one of the hottest multifamily markets in the country and The Paragon at Kierland generated significant investor interest.”
Phoenix was the second-strongest U.S. metro for multifamily investment in Q1 2021 with $2.38 billion in sales, representing a 6.7 percent share of the total national sales volume.
“Phoenix remains one of our top target markets for multifamily acquisitions, and The Paragon at Kierland presents an excellent opportunity to implement our value-add strategy,” said Sunroad Enterprises president Dan Feldman. Multifamily rent growth of 6.2 percent in Phoenix was the biggest increase of all U.S. metros year to date through April 2021.
“Our successful strategy with The Paragon at Kierland was complemented by the strong economic fundamentals in Phoenix,” said Sentinel Vice President of acquisitions and dispositions Alan Greenberg.
CBRE Press Release Founded in 1977, Sunroad Enterprises has developed, owned, and operated successful office, multifamily, resort, retail, land and industrial projects.