With population growth continuing in the Phoenix metro, multifamily demand and rents are following suit. One example of that type of in-demand asset is The Porter, a multifamily community in Tempe. The 165-unit asset recently sold to a private investor for $32 million, and the seller was also a private investor.

Located at 1532 South Price Rd., The Porter was originally constructed in 1980. The community has a mix of one- and two-bedroom apartments. Amenities include a pool, clubhouse and laundry facility. The Porter is adjacent to Arizona 101 Loop, a major freeway that connects Tempe to the wider metropolitan area.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the seller and the buyer in the transaction. Rocco Mandala and Anthony Valenzuela of CBRE arranged financing on behalf of the buyer.

“The Porter recently underwent renovations and the new buyer plans to make further enhancements to increase the value of the asset,” said Seaman. “The demand for multifamily remains robust as rents have continued to rise in metro Phoenix, which continues to be a leading market in terms of population growth.”