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June 24, 2024
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RETAIL NEWS
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Millburn & Company Pays $243k/Unit for Newly Constructed AZ Res Community

5/10/24

Millburn & Company purchased Parc Tolleson, a 258-unit Class A multifamily community in Tolleson, AZ, in a recent $62.75 mil ($243k/unit) transaction. The property was sold by Evergreen Devco Inc.

Completed in 2023, the garden-style community features one-, two- and three-bedroom floorplans, averaging 961 sf. Each unit's interior features 9-foot ceilings, vinyl plank flooring, full-size washer and dryers and gourmet kitchen features.

Located at 8727 West McDowell Rd, Parc Tolleson sits at Loop 101 and Interstate 10 intersection, which connects the property to the Westgate Entertainment District and larger employers.

Parc Tolleson's community amenities include a resort-inspired pool deck with fireplace lounges and poolside dining areas, EV charging stations, a pet spa, and a 24-hour fitness center. Parc Tolleson also features a clubhouse with gaming tables, seating areas, and a coffee bar.

CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller in the deal. Troy Tegeler and Trevor Breaux with the CBRE debt & structured finance team, arranged financing for the buyer.

"Parc Tolleson is new, highly amenitized housing with a very impressive lease-up," said Groen, vice president at CBRE. "The community's relative affordability and strategic location along two of the most dynamic growth corridors in Metro Phoenix bolstered unprecedented resident demand."

According to research analyzed by CBRE, Metro Phoenix posted over 12,000 units of multifamily absorption in 2023, one of the top-performing absorption totals of all U.S. metros. The region's strong demand continued into 2024, with over 5,800 units of absorption in the first quarter.




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