Phoenix Community Changes Hands for $56M
- Aug 30, 2019
Trillium Residential has sold Trillium 44, a 297-unit multifamily property in central Phoenix, for $56 million. An affiliate of the ConAm Group bought the property at 111 N. Dupont Circle, which is 97 percent leased.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, along with Matt Pesch of Phoenix Multifamily Institutional Properties, represented the seller in the deal. Built in 2015, Trillium 44 is a rare Class A community neighboring the Phoenix Sky Harbor International Airport. The nine-building, four-story property offers a mix of studios, one- and two-bedroom units, including a penthouse.
Community amenities include a swimming pool, resident sports lounge, wine storage room, fitness center, movie theater, dog park and courtyards with grilling stations. ConAm Group CEO Rob Singh said in a statement that the asset had stable cash flow and upside potential in a submarket with limited direct competition.
Multifamily rents in Phoenix grew by 6.7 percent year-over-year as of May, nearly three times the U.S. average, according to a Yardi Matrix report. The city’s burgeoning population and economy are fueling a construction boom, with 4,053 rental units coming online in the first five months of 2019. Tides Equities recently snapped up a 380-unit community in northern Phoenix for $57.3 million, extending the company’s acquisition spree in the Arizona capital.
ConAm Group operates a nationwide portfolio of more than 54,000 apartment units across more than 26 metropolitan areas. The real estate investment and services firm recently acquired a 113-unit age-restricted community near Las Vegas for $19.3 million.