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9/03/19
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ConAm Group purchased Trillium 44, a 297-unit, Class A multifamily community in Phoenix, for $56 mil ($189k/unit). The asset was sold by Trillium Residential.
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.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller in the deal.
“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% 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% and Phoenix Class A occupancy in Q2 2019 was 95.3%.
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