CBRE Completes Sale of 1950s Apartment Community in Phoenix
18 Jun 2018
CBRE completed the sale of Coronado, a single-story, 12-unit apartment community, located in central Phoenix’s Encanto neighborhood at 734 E. Coronado Rd. John C. Davis, a first-time out-of-state buyer based in Oregon who obtained new financing, purchased the property from Los Tres Borchachos, LLC, for $1.56 million.
“This mid-century apartment community presented an investor with a strong value-add opportunity located in one of Phoenix’s oldest and most vibrant neighborhoods,” said CBRE’s Seaman.
Built in 1951, the garden-style community offers a mix of studio, one- and two-bedroom floor plans averaging 780 square feet. Community amenities include covered parking and an on-site laundry facility, while all units are individually metered for electricity.
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.