CBRE Brokers Sale of East Phoenix Community
- Jun 22, 2020
CBRE has finalized the $8.1 million disposition of Lyra Residences, an 18-unit luxury community in Phoenix. Long Beach Trading Co. purchased the asset. WestStone Group sold the property, according to Maricopa County records. The asset changed hands in a 1031 exchange.
Senior Vice Presidents Jeff Seaman and Brian Smuckler, along with Vice President Derek Smigiel and Associate Bryson Fricke assisted both parties in the deal.
Situated at 2950 N. 38th St., the property opened its doors earlier this year. The townhome community offers three-bedroom floorplans with an average size of 1,778 square feet. Apartment features include private backyards, garages, laundry facilities and smart climate control. Located within walking distance of the retail corridor along Thomas Road, Lyra Residences is 5 miles north of the Phoenix Sky Harbor International Airport and 7 miles northeast of the city center.
In May, CBRE completed the $7.9 million sale of Laurel Towers, a 20-unit community in Los Angeles. First Vice President Melinda Russell partnered with a Marcus & Millichap brokerage team and represented both parties in the transaction.