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July 5, 2022
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Apartment Community in Central Phoenix Sells for Over $26 Mil

5/23/22

The Willow, an 86-unit multifamily property in Central Phoenix, was purchased by in-state investment group for $26.7 mil, or $310.5k/unit. The property is located at 6315 North 16th St, near the Camelback Corridor, with an abundance of nearby amenities, such as 16th Street retail and restaurants.

The Willow features a renovated exterior with a new swimming pool, fitness center, branding signage, paint, and leasing office. The property is comprised of two- and three-bedroom floor plans, averaging just over 900 sf, with stainless steel appliances, granite countertops, shaker-style cabinetry, and in-suite washers and dryers.

Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the buyer and seller.

“The Willow is a fantastic property that was moderately upgraded by previous ownership,” said Seaman. “As a result, we were able to find an active local investment group who will be able to implement an efficient and high-quality management strategy to enhance revenue and further reposition the asset.”




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