CBRE Announces Sale of Tempe Apartment Community to Los Angeles-Based JRK Property Holdings
09 Nov 2020
The acquisition is JRK Property’s first in the Phoenix market
Phoenix – CBRE arranged the sale of the 408-unit multifamily community 909 West on behalf of MG Properties Group to Los Angeles-based JRK Property Holdings, Inc. for an undisclosed amount.
Built in 1999, 909 West is a garden-style multifamily community with one, two- and three- bedroom floorplans in three- and four-story buildings. The community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park.
“Investors want to be in Phoenix and 909 West presented an excellent value-add proposition,” said Gunter. “The community’s central location in proximity to large employment centers in Tempe and Chandler, its strong operational performance and value-add potential attracted significant investor interest.”
Located in the South Tempe submarket, 909 West is situated less than one mile from access to Interstate-10 and about five miles from Downtown Tempe.
“We’re excited to enter the Phoenix market and 909 West presented an excellent opportunity to do so with immediate scale,” said Danny Lippman, vice president of JRK Investors, the real estate investment arm of JRK Property Holdings. “We look forward to executing strategic renovations that will add value for the residents and our investors.”
Founded in 1991, JRK Property Holdings is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.