Affordable Phoenix-Area Community Trades for $16M

Johnathan Smith, Brian Smuckler and Jeff Seaman of CBRE facilitated the sale of the 152-unit property in Peoria, Ariz., to a local investor.
Lake Pleasant Village
Lake Pleasant Village

CBRE Affordable Housing has arranged the sale of Lake Pleasant Village in Peoria, Ariz. The 152-unit community changed hands for $15.8 million. According to Yardi Matrix data, ReNUE Properties used a $10.2 million loan held by Opus Bank to finance the acquisition. Investment Builders Inc. is the former owner of the 10-building asset. Johnathan Smith with CBRE Affordable Housing, together with Brian Smuckler and Jeff Seaman with the company’s Phoenix team, represented both parties.

Located at 20702 N. Lake Pleasant Road, Lake Pleasant Village is within a 40-minute drive of downtown Phoenix and provides easy access to state roads 60 and 101. Built in 2004, the property features one- to four-bedroom floorplans, averaging 1,049 square feet. Amenities include:

  • swimming pool
  • barbecue areas
  • playground
  • fitness center
  • clubhouse
  • business center
  • 200 parking spaces

In June, Smith also worked on the sale of two affordable multifamily properties in Los Angeles County for a combined $108.9 million.

Image courtesy of Yardi Matrix

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