PHOENIX, ARIZ. – CBRE has arranged the sale of the 297-unit Class A multifamily community Trillium 44 on behalf of Trillium Residential to an affiliate of the ConAm Group for $56 million.
Located at 111 N. Dupont Circle in central Phoenix, Trillium 44 is a four-story, wrap-style apartment community featuring a modern swimming pool area with private cabanas and a grilling area, resident sports lounge, wine storage room, cybercafé, state-of-the-art fitness center, movie theater, dog park, and numerous courtyards with grilling stations.
“Trillium 44 is the only Class A community in the Airport Corridor and its central location places it within approximately 400,000 jobs in a five-mile radius,” said Cunningham. “At 97 percent leased, the community’s location and Class A amenities have provided a significant operational advantage in the submarket.”
According to CBRE Research, year-over-year Class A multifamily rent growth in Phoenix was among the best in the nation at 8.2 percent and Phoenix Class A occupancy in Q2 2019 was 95.3 percent.
“Trillium 44 represents an excellent opportunity to acquire a well-performing Class A community with stable cash-flow and upside potential in a submarket with favorable fundamentals and limited direct competition,” said ConAm Group CEO Rob Singh.
The ConAm Group is a multi-disciplined real estate investment and services firm based in San Diego, California. Established in 1975, ConAm currently operates a nationwide portfolio of over 54,000 apartment units in more than 26 key metropolitan areas.
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