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12/19/24
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Smith & Rio, a 310-unit luxury multifamily community located in Tempe, AZ, traded hands. The project, located at 1979 E. Rio Salado Pkwy, was built and sold by a partnership between PGIM Real Estate and High Street Residential (HSR).
Completed by HSR in 2023, Smith & Rio’s amenities include a rooftop deck with panoramic views and a resident clubhouse with a palette of refined finishes, gaming tables, fireplace and seating areas. A central courtyard features a resort-style pool deck with a spa, barbecue pavilion and fire features. Additional amenities include a 24-hour, state-of-the-art fitness center, reception area and leasing office, multiple seating areas, co-working offices, pet spa, and another outdoor courtyard with a dog park and yoga lawn.
CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller in the transaction.
“TCC delivered one of the best new communities in Metro Phoenix, and the remarkable investor interest was a reflection of Smith & Rio’s great appeal,” said CBRE’s Gunter, vice chairman and managing director of the Southwest region. “There is substantial capital looking for high quality, well-located multifamily communities with durable demand drivers. Smith & Rio’s contemporary design, top-of-market amenities, and ideal location in Tempe were exceptionally attractive to institutional investors.”
Metro Phoenix is one of the top-performing multifamily demand markets in the country, with 21,564 units of absorption over the last four quarters, according to data analyzed by CBRE.
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