Phoenix – December 19, 2016 – CBRE has completed the sale of Avenue 801, a multifamily property located at 801 W. Turney Avenue in Phoenix, Arizona. The 60-unit garden-style apartment community, originally constructed in 1956 and subsequently renovated in 2015, features a mix of spacious one- and two-bedroom units. The buyer, 880 St. Nick, LLC., is a first-time out-of-state investor and is based in New York City, New York. The seller was 801 Turney, LP. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. Total consideration for the transaction was $5.4 million.
Avenue 801 is located squarely in the highly desirable Melrose District, near the rapidly developing Central Avenue economic corridor and within walking distance of the light rail. Recent renovations include updated countertops and cabinetry, modern bathroom finishes and porcelain tile flooring. Additionally, landscaping and resurfacing were performed to elevate the property’s exterior.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.