Phoenix, AZ

CBRE Announces Sale of 51-Unit Apartment Property in Phoenix to Private Out-of-State Buyer for $12.9 Million

10 Feb 2022

a 51-unit apartment property located at 2339 West Northern Avenue

CBRE announced the sale of Northern Edge, a 51-unit apartment property in Phoenix, to a Newport Beach, Calif.-based private investor for $12.9 million.

Brian SmucklerJeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer.

Northern Edge, located at 2339 West Northern Avenue, is a fully renovated property featuring community amenities such as a courtyard, BBQ area, swimming pool and dog park as well as an on-site leasing office and covered parking. The property is comprised of one-, two-, and three-bedroom floor plans that have been fully remodeled and include quartz countertops, white shaker style cabinetry, stainless steel appliances and in-suite washer and dryers.

“Since April 2020, Phoenix has shown great signs of recovery and growth driven by the expansion of several industries ranging from healthcare, finance, manufacturing, distribution, information technology, and aerospace,” said Smuckler. “This bodes very well for apartment demand in the greater metro going forward.”

Added Seaman, “We continue to see great demand for multifamily properties in our area from local investors as well as out-of-town buyers looking to enter the market or expand their already existing footprint. They are particularly attracted by this market’s strong fundamentals and by the ongoing in-migration from other states.”

The team also represented the seller, a California investment group, in the transaction.
About CBRE Group, Inc.
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.