By Evelina Croitoru
CBRE has facilitated the sale of Valencia Townhomes, a 36-unit multifamily property located in North Central Phoenix. The buyer, 550 Valencia LLC, paid $8.3 million to the seller, Valencia Townhomes LLC.
Located at 550 W. Maryland Ave., the garden-style townhome community offers two-bedroom floor plans averaging 1,386 square feet. Initially, the units were built to be sold individually as townhomes but were later turned into high-end rentals. Community amenities include a resort-style pool, an outdoor kitchen and lounge area, a fitness center and guest parking.
Proximity to key employers
CBRE Senior Vice Presidents Brian Smuckler and Jeff Seaman from the company’s Phoenix office represented the buyer, who obtained new financing. The firm’s team also represented the seller in the transaction.
“Valencia is located in a highly desirable area of Phoenix, with proximity to various amenities and the downtown, midtown and Camelback Corridor employment districts. The community stands out as one of the only remaining rental properties in the Phoenix metro area that consists of fewer than 100 units that’s also less than 10 years old,” Seaman said in a prepared statement.
Image courtesy of CBRE