Phoenix – June 24, 2016 – CBRE has finalized the sale of Highland Park and Park View, two multifamily communities totaling 472 units and located in dynamic Tempe, Arizona. Together, the properties commanded a sale price $42.65 million.
A joint venture sponsored by Scottsdale, Ariz.-based Everest Holdings purchased the communities from San Diego, Calif.-based Stratford Partners. Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch negotiated the transaction with CBRE’s Phoenix office.
“The extensive renovation programs recently completed at Highland Park and Park View distinguish the communities within their competitive set,” said CBRE’s Cunningham. “Additionally, the communities are located in a high barriers-to-entry submarket with minimal exposure to future multifamily supply risk. Coupled with strong submarket employment growth, both communities will benefit from strong demand for multifamily housing in Tempe going forward.”
Highland Park and Park View have far-reaching residential appeal. Both communities offer numerous attractive amenities including resort-style swimming pools with bocce ball courts, newly renovated clubhouses, gated access, upgraded fitness centers, and fenced dog parks. One-, two- and three-bedroom residences feature well-appointed kitchens, spacious walk-in closets, and private patios and balconies.
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 owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
