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CBRE Sells Two Phoenix Multifamily Properties to California Investors
CBRE arranged the sales of two Phoenix apartment communities to California buyers. Combined, the deals totaled nearly $12 million.
NDX Investments II, LLC, sold 34 Arcadia, a newly-renovated 45-unit contemporary boutique apartment asset at 2936 N. 34th Place (pictured above) in Phoenix’s lower Arcadia neighborhood to Champion 34 Arcadia, LLC, for $5.86 million. The buyer was a first-time Phoenix multifamily investor from California. CBRE’s Alex Walton arranged the debt on behalf of the borrower.
In the second deal, California-based Goldstein Investment Co. acquired Idle Hours, a 28-unit apartment community in Phoenix from Delaware-based Torino Holdings, LLC. The $5.8-million all-cash transaction completed a 1031 exchange for the buyer. The mid-century modern community at 1501 E. Rovey Ave. is located in Uptown Phoenix’s North Central Corridor.
CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented the buyer and the seller in the transactions.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition

