Metro at Zanjero Apartments Sell for $55.4 Million

28 Apr 2020

Metro-Zanjero-Apartments

Phoenix – CBRE arranged the sale of the 253-unit multifamily community Metro at Zanjero on behalf of Private Portfolio Group to San Diego-based Sunroad Enterprises for $55.4 million.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Private Portfolio Group.

Located at 9450 W. Cabela Drive in Glendale, Metro at Zanjero amenities include an expansive resort-style pool and spa area, a state-of-the-art fitness center, an outdoor sports lounge with fireplace, en­tertainment bar, and multiple big screen televisions, and barbeque areas with Viking grills. Individual residences feature large walk-in closets, granite countertops, full-size washer and dryer, and a patio or balcony for every unit. Select units include private garages with direct access.

“Metro at Zanjero is a meticulously maintained community with a comprehensive amenity package and ideal location near Westgate Entertainment District,” said Cunningham. “The community’s vintage and outstanding bones provided an excellent value-add opportunity.”

Built in 2007, Metro at Zanjero is located within walking distance of more than 800,000 square feet of retail amenities, Desert Diamond Casino, and two professional sports venues, State Farm Stadium and Gila River Arena.

“Metro at Zanjero is in one of the best locations in the West Valley and we are bullish on the region’s economic fundamentals outperforming in the long term,” said Sunroad Enterprises Chief Operating Officer Mike Dow. “Sunroad previously acquired the adjacent community Courtney Village making Metro at Zanjero an excellent opportunity to attain economies of scale in a vibrant submarket.”

Metro at Zanjero is Sunroad Enterprises’ fifth acquisition in Phoenix since 2015. The company owns multifamily communities in Glendale, Tempe and Peoria.

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.