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First-Ever Shipping Container MF Hits PHX Market
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A distinctive and first-ever CRE investment opportunity of its type has sailed into downtown Phoenix. Containers on Grand, an apartment community constructed from repurposed shipping containers, is being marketed for sale by a team from CBRE. The boutique project was the first shipping container community in the Western U.S.
CBRE’s Brian Smuckler, who’s handling the sale with Jeff Seaman, says they were not able to find any comps in the multifamily container category across the U.S., “so this really is a first,” he said.
The eight-unit, alternative and eclectic designed community, which is 100% leased at rents in the $1,200 per-month range, is located at Grand and 12th Avenues in the Grand Avenue Arts District. The rapidly-growing area has caught a hip “buzz,” and is attracting coffee shops, stores, cool architecture firms and design groups, not just arts people.
The authentic, adaptive reuse project benefits from a location in a high demand rental market that has high barriers to entry, plus there’s been no new construction in the area, except this project.
In addition to the lower operating costs and energy-efficient sustainability features, Smuckler notes, “the benefit of this property is investors effectively get new construction priced below replacement cost. The property looks Class A, but at affordable rents.”
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