Phoenix Airport-Area Community Trades for $17M
- Jul 12, 2021
InTrust Property Group has paid $17.1 million for Sky Harbor Inn, a 237-unit multifamily property in Phoenix. The buyer financed the acquisition with a $16.8 million loan from Keystone Bridge Capital, public records show. CBRE represented the seller, a private investor.
Built in 1977, the asset is situated at 2307 E. Van Buren St. The seller had recently completed capital improvements, including HVAC updates and the restoration of the property’s roofing. InTrust plans to continue with further interior and exterior renovation work.
Located just north of Phoenix Sky Harbor International Airport, the community is alongside the Papago Freeway. The property, 2.5 miles east of downtown Phoenix, is close to the Valleywise Health Medical Center and a number of retail options.
The CBRE team was led by Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke. Earlier this month, another CBRE team closed the $71.8 million disposition of a 264-unit community in the Phoenix suburb of Goodyear, Ariz.
The Phoenix metro has become increasingly more attractive for multifamily investors. As gateway and many coastal markets have struggled, Phoenix’s rent growth has consistently outperformed the bulk of the country. In May, rents were up by 9.6 percent over the year, far higher than the national rate of 2.5 percent.