2 Phoenix Assets Trade Hands for $7M
- Oct 24, 2017
Two multifamily properties in the Phoenix market traded hands recently for a total of nearly $7 million in two separate deals brokered by CBRE. One was The Markley in east Phoenix at 3161 E. Glenrosa Ave., the other Twin Palms at 329-349 N. 14th St. near downtown Phoenix.
Built in 1964, The Markley is a 27-unit apartment community. The buyer, Luna Bear Markley LLC, a California investor who obtained new financing, purchased the property for $4.7 million from Clear Sky Capital Partners VI LLC.
The property features one- and two-bedroom units averaging 977 square feet and is individually metered for electricity. Renovated in 2017, units feature such finishes as new cabinetry, stainless steel appliances, quartz countertops and floor-to-ceiling porcelain shower tiles.
Twin Palms sold for $2.25 million. The buyer, Larb Holdings LLC, a first-time California investor who obtained new financing, acquired the property from Helios Properties LLC.
Built in 1986, the 20-unit Twin Palms consists of mostly two-bedroom units ranging from 550 square feet to 750 square feet. Units feature full-size appliances, new bathroom vanities and dual-pane windows as well as access to on-site laundry. The property is within walking distance of light rail.
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented both the sellers and the buyers in the transactions.