CBRE Sells Two Phoenix Multifamily Properties to California Investors
04 May 2020
Phoenix - CBRE has arranged the sales of two Phoenix apartment communities to Calfornia buyers.
NDX Investments II, LLC, sold 34 Arcadia, a newly renovated 45-unit contemporary boutique apartment community in Phoenix’s lower Arcadia neighborhood, to Champion 34 Arcadia, LLC, for $5.86 million. The buyer was a first-time Phoenix multifamily investor from California. Alex Walton with CBRE Capital Markets Debt & Structured Finance arranged the debt on behalf of the borrower. The property features studio and one-bedroom floor plans averaging 527 square feet. Interior upgrades include in-suite laundry, stainless steel appliances, and upgraded countertops and bathrooms. Located at 2936 N. 34th Place, the property is nearby to Biltmore Fashion Park and Camelback Corridor, one of the metro’s main employment corridors.
California-based Goldstein Investment Co. acquired Idle Hours, a 28-unit apartment community in Phoenix, from Delaware-based Torino Holdings, LLC for $5.8 million in an all-cash transaction. The buyer was completing a 1031 exchange. Located at 1501 E. Rovey Ave., the mid-century modern community is located in the North Central Corridor in Uptown Phoenix. The property was remodeled and repositioned in 2018 and features 800-square-foot two-bedroom, one-bath floor plans. Interior upgrades include in-suite laundry, stainless steel appliances, quartz countertops and upgraded bathrooms. Idle Hours provides residents with excellent access to various lifestyle amenities and several central employment corridors, including Camelback Corridor, Old Town Scottsdale, Downtown Phoenix and Tempe.
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.