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Phoenix & Southwest  + Phoenix  + Apartments  | 

Flats at Granite Reef Sells to Girard Flats

The metro Phoenix area continues to experience pent-up multifamily investment demand from both local and out-of-state capital due to robust employment growth, net in-migration and strong market fundamentals, according to CBRE research. One recent acquisition exemplifies that trend.

A 135-unit multifamily property, The Flats at Granite Reef located in Scottsdale, sold to Girard Flats LLC for $17.5 million. The buyer was a private partnership completing a 1031-exchange. The partnership acquired the property by assuming the first and second loans with a combined amount of approximately $10.5 million.

Located at 980 North Granite Reef Rd., the property features one- and two-bedroom apartments. Common amenities include a pool, game room, laundry facilities, courtyard and clubhouse.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the California-based seller and the buyer.

“The Scottsdale submarket has extremely high barriers to entry especially for low-density single-story assets,” said Seaman. “The buyer is planning an extensive rehab program which includes updating the interiors, improving the common area amenities, and repositioning and rebranding the community.”

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Jeff Seaman

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition