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October 27, 2021
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Phoenix Apartment Property Sells for $60 Mil


The Amara, a 302-unit apartment property in Phoenix, was acquired for $60 mil ($199k/unit) by a private investor in Washington state.

The Amara is a two-story property located at 2802 East Osborn Rd between Phoenix’s Biltmore and Arcadia neighborhoods. The units feature stainless steel appliances, wood floors, composite countertops, and craftsmen-inspired cabinetry. The property includes three pools and bike paths.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented both the buyer and seller in the off-market transaction. According to Smuckler, as one of the strongest multifamily markets in the U.S., the Greater Phoenix metro area continues to see unmatched demand from private investors, many from out of state who are looking for stable, income-producing assets.

A recent CBRE survey of commercial real estate investors ranked Phoenix as a top-10 target among America’s metros. The Sun Belt market jumped five spots to #4 in the firm’s 2021 Americas Investor Intentions Survey.

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