CBRE Arranges $1.75 Million Sale of Value-Add Phoenix Apartment Community
28 Jun 2018
CBRE completed the sale of Tana Lea, an 18-unit apartment community, located near 19th Avenue and Bethany Home Road in Phoenix. Trinity FW Investment Group, LLC out of Honolulu, Hawaii purchased the property from Phoenix based Oliverio Apartments, LP, for $1.75 million, or $97,222 per unit.
Located at 1939 W. Berridge Lane in Phoenix, the garden-style community was built by the Oliverio family in 1963 and has been under the same ownership for 55 years. The two-story property features all two-bedroom, two-bath floor plans averaging 960 square feet. The community is within walking distance to the Metro light rail, Christown Spectrum Mall and Abrazo Central Campus, a 221-bed hospital and acute care center.
“This represents a true value-add opportunity in an improving submarket that has benefited from the Metro light rail expansion and gentrifying 19North community,” said CBRE’s Smuckler.
The buyer plans to extensively renovate and rebrand the community.
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.