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Two Camelback Corridor Multifamily Properties Sell for $15.68 Million
The 30-unit Olive Gardens and 25-Unit Village 28 sold separately. A CBRE team led by Derek Smigiel represented the buyer for both properties, “There is a tremendous demand for infill value-add and stabilized multifamily opportunities in Metro Phoenix. The growing economic corridors, quality of life and increasing net migration are factors driving demand in core locations.”
The Olive Gardens on North 12th Place consists of two bedroom units situated centrally in Phoenix, near the Camelback Corridor. It features a swimming pool and covered parking. Neighborhood Ventures was the buyer, Momentum Property Investments the seller.
Village 28 is also located in the city core. It’s a seven-building property also with a two-unit floorplan, also with a pool and covered parking. The buyer was Blueprint Capital Services from Washington state. The seller was a private local investor.
- ◦Sale/Acquisition
