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Newly Constructed Ara Residences in Phoenix Sells for $22.05 Million

CBRE announced the $22.05 million sale of Ara Residences, a newly constructed, 50-unit townhome community in Phoenix, to Luna Bear ARA Residences LLC, a California investor completing a 1031-exchange.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, ARA Residences, LP, and the buyer in the transaction.

The property is located at 3220 North 38th Street, adjacent to the Lower Arcadia neighborhood and the Camelback Corridor. The gated community features three-bedroom, two and one-half bath floorplans that average 1,778 square feet and include private garages and backyards.

“Historically, townhomes of this size in metro Phoenix were built to be sold individually to the end user,” said Smigiel. “However, developers are moving from building ‘for sale’ to ‘for rent’ communities due to the paradigm shift in renting versus owning coupled with the demand from residents to be in dynamic infill locations.”