CBRE Brokers $42M AZ Sale
- Jun 22, 2018
CBRE has arranged the sale of Sonoma Ridge, a 240-unit garden-style multifamily community in Peoria, Ariz. TM Equities Inc. purchased the asset for $42 million in a transaction that was subject to a $22 million loan held by Fannie Mae, according to data provided by Yardi Matrix. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch from CBRE’s Phoenix office represented the seller, Sunroad Enterprises, who had purchased the property for $30 million in 2016.
Located at 8201 W. Beardsley Road, the 2001-built Sonoma Ridge has a low-density site plan. The property’s 18 two-story buildings encompass one-, two- and three-bedroom units averaging 918 square feet. The units feature above standard ceiling heights, as well as washers and dryers. Community amenities include:
- swimming pool and spa
- fitness center
- volleyball court
Recently, the same brokerage team facilitated the $53.1 million sale of Aldea at Estrella Falls, a Class A, 328-unit multifamily community in Phoenix‘s Goodyear submarket.
Image courtesy of Yardi Matrix
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