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June 15, 2024
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Investors Trade AZ Multifamily Community for $32 Mil


The Porter, a 165-unit multifamily community in Tempe, AZ, was purchased by a private investor for $32 mil, or $194k/unit. Constructed in 1980, The Porter is Located at 1532 South Price Rd.

The Porter contains a mix of one-bedroom and two-bedroom apartments. Amenities include a pool, club house and laundry facility. The property is adjacent to Arizona 101 Loop, a major freeway that connects Tempe to the rest of the Phoenix metropolitan area.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer and the seller, also a private investor, in the transaction. Rocco Mandala and Anthony Valenzuela of CBRE arranged financing on behalf of the buyer.

“The Porter recently underwent renovations and the new buyer plans to make further enhancements to increase the value of the asset,” said Seaman. “The demand for multifamily remains robust, as rents have continued to rise in metro Phoenix, which continues to be a leading market in terms of population growth.”

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