November 18, 2024 5:26 am
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CBRE Closes $40.25 Million Sale of Class A Multifamily Community in Phoenix

 RED News Services

PHOENIX, Arizona – CBRE Group, Inc. has arranged the $40.25 million sale of Avenue 25, a 254-unit, Class A multifamily community located at 18250 N. 25th Avenue in Phoenix, Arizona.

Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Los Angeles-based TruAmerica Multifamily. The buyer was Salt Lake City-based Millburn & Company.

“In addition to the North Phoenix submarket boasting a 95% occupancy rate, there are no communities planned or under construction within a three-mile radius of Avenue 25, supporting high occupancy levels and strong rent growth prospects,” said CBRE’s Cunningham.

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