Phoenix & Southwest + Phoenix + Apartments | March 8, 2021

Residents Look to Phoenix Infill Locations

Ara Residences, a newly constructed 50-unit townhome community in Phoenix, recently sold to Luna Bear ARA Residences LLC, a California investor completing a 1031-exchange. The purchase price was $22.05 million.

The property is located at 3220 North 38th St. adjacent to the Lower Arcadia neighborhood and the Camelback Corridor. The gated community features three-bedroom, two and one-half bath floorplans that average 1,778 square feet, and includes private garages and back yards.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, ARA Residences LP, and the buyer in the transaction.

“Historically, townhomes of this size in metro Phoenix were built to be sold individually to the end user,” said Smigiel. “However, developers are moving from building for sale to for-rent communities due to the paradigm shift in renting versus owning, coupled with the demand from residents to be in dynamic infill locations.”

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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.