ColRich Pays $77M for Phoenix Community
CBRE brokered the deal and arranged acquisition financing.
ColRich has paid $77 million for Camden Copper Square Apartments, a 332-unit community in Phoenix. Camden Property Trust previously owned the asset, according to Yardi Matrix information. CBRE represented the seller and secured acquisition financing for the buyer.
Camden Copper Square is at 901 E. Van Buren St. Built in 2000 on some 8 acres, the gated community consists of nine three-story buildings with studio, one- and two-bedroom units. ranging from 718 to 1,307 square feet. Apartments have washers and dryers and private balconies or patios.
The amenity package includes two swimming pools and a spa center, barbecue grills and seating areas, a fitness center, a business center, a clubhouse, an outdoor lounge and a dog park. Additionally, the community includes two parking structures with 425 parking spots.
The property is in downtown Phoenix, in an area with multiple bus stops and close to retail options. The city’s international airport is 3 miles away.
CBRE Vice Chairmen Matt Pesch and Sean Cunningham, together with First Vice President Austin Groen and Vice Chairman & Managing Director Asher Gunter, negotiated on behalf of the seller. Vice Chairmen Trevor Breaux and Troy Tegeler, with CBRE’s Debt & Structured Finance team, arranged the acquisition financing on behalf of the buyer.
Phoenix, a powerhouse for multifamily investment
Greater Phoenix sales amounted to nearly $3.7 billion year-to-date as of October, prices per unit averaging $267,934, according to Yardi Matrix information. The metro ranked first nationally for multifamily transaction activity in the first half of the year.
And the investment activity maintained its momentum into November. Earlier this month, Stockdale Capital Partners paid $110.3 million for a 226-unit property in Scottsdale, Ariz., that came online last year. Embrey sold the property in an all-cash transaction.
Another recent transaction is Millburn & Co.’s $71 million purchase of a 215-unit community in the city’s Camelback East Village area. The new owner also secured a Fannie Mae loan provided by CBRE Capital Markets.
