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July 6, 2020
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Phoenix Multifamily Asset Purchased by OR Exchange Investor


Equity Advantage Inc, an OR-based 1031 exchange investor, has acquired Coronado 137, a 43-unit apartment community in Phoenix, for $7.5 mil ($174.4k/unit).

Located at 137 E. Coronado Rd in the desirable Coronado Historic District in Downtown Phoenix, the property offers a mix of studio lofts, one- and two-bedroom units that range in size from 525 sf to 675 sf. The apartment community was built in 1971 and extensively renovated and repositioned in 2019.

Interior unit features include wood-plank vinyl flooring, white shaker cabinets, quartz countertops, stainless steel appliances and in-suite washers and dryers in select units. The property is nearby to light rail stops, restaurants, shopping, museums, galleries, parks and entertainment venues.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke with CBRE in Phoenix represented the seller, Phoenix-based Coronado 137 LLC, in the transaction. According to CBRE, Coronado 137 is situated within in a dynamic Phoenix location where rental rates have increased 39.7% over the last year.

“The seller accomplished a successful renovation and repositioning of the property, adding the high-end finishes that draw residents to Class A apartment communities,” said CBRE’s Seaman “With strong submarket fundamentals, and in-place rents are currently 26% lower than Class A communities in the submarket, this is an outstanding investment for the buyer.”

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