Phoenix Rental Communities Trade for $238 Million

Azul at Spectrum and Borrego at Spectrum, a combined 624-unit multifamily community in Gilbert, sold for a combined price of $238 million. The Ezralow Company acquired the asset from San Diego-based The Premiere Residential. Azul at Spectrum sold for $138,221,000 and Borrego at Spectrum sold for $99,944,000.

CBRE’s Sean Cunningham led a team who represented the seller, “Gilbert is one of the top-performing multifamily submarkets in Metro Phoenix and the community provides tremendous upside potential. All of the units are in original condition and are perfectly positioned for a value-add renovation.”

CBRE reports that through the first half of 2022, Gilbert led all Metro Phoenix multifamily submarkets with 880 units of positive net absorption. Average submarket rent in Gilbert increased 19.1 percent in Q2 2022 outperforming the Metro Phoenix increase of 18.8 percent.