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October 18, 2019
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MULTIFAMILY NEWS
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Recent Phoenix Multifamily Comps Total $12.8 Mil

6/07/19

Four Phoenix multifamily communities sold in recent transactions totaling $12.8 mil. The properties total 85 units.

One of the properties, 400 On Pasadena, a 28-unit contemporary boutique apartment community located in a dynamic Central Phoenix location, sold to Wildwood Hills Home Community Trust for $4.25 mil, or $152k/unit. The seller was Clear Sky Capital Partner IX LLC.

Recently renovated and repositioned with premium finishes, the property is comprised of studio, one- and two-bedroom floorplans that range from 500 sf to 800 sf. Submarket rents increased 19% year over year ending in the fourth quarter of 2018, according to CBRE research.

Another property, Level on 17th, a 29-unit asset located at 6725 N. 17th Ave, sold for $4.15 mil. The single-story community was repositioned in 2016 and offers one- and two-bedroom floor plans averaging 925 sf in size. The seller was Level on 17th LLC and the buyer was Mid-Century Apartments.

Cosmo, a 16-unit apartment community located at 6542 N. 17th Ave. in Phoenix, sold for $2.3 mil to Mid-Century Apartments. It was sold by Investapath Group LLC. The garden-style community features one, two- and three-bedroom floor plans ranging from 780 sf to 1.4k sf.

And in the fourth deal, Flow Investments LLC acquired Sunshine 12, a 12-unit apartment community located at 2737 E. Glenrosa, for $2.1 mil from Revival Midtown LLP. The seller recently renovated 30% of the unit interiors with premium finishes and updated the exterior. The buyer plans to continue the renovation and complete the remaining 70% of the unit remodels.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke with CBRE represented the buyers and sellers in all four of the transactions.








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