The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 6, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



TEXAS/SOUTHWEST NEWS
Printer-friendly Version   Email an Associate
Phoenix Multifamily Asset Purchased by OR Exchange Investor

11/06/19

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.”




Return to the previous page


 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media