PHOENIX—CBRE has completed the sale of Pinnacle South Mountain located at 5151 E. Guadalupe Rd. in Phoenix. The 552-unit apartment community sold for $63 million. The buyer was FPA Multifamily of San Francisco; the seller was Palo Alto-based Essex Property Trust.
Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE's Phoenix office negotiated the transaction.
Anderson tells GlobeSt.com, “The submarket is built out in terms of adding more units west of I-10. This asset is located within the I-10 employment corridor—access to the freeway is extremely important to this submarket.
“Pinnacle South Mountain offers investors an excellent opportunity in the highly sought after Ahwatukee master planned community.” adds Anderson. “This property is in the perfect position to renovate and benefit from enhancements and upgrades. The Ahwatukee area consistently sees some of the highest multifamily demand in the Valley and by implementing an interior upgrade program the buyer has an opportunity to generate significant rental growth and see a solid return on investment. The scale of the renovation is significant on the buyer's part.”
Pinnacle South Mountain benefits from proximity to the 16,000-acre South Mountain Park, which offers residents mountain views as well as lifestyle amenities in the form of hiking and biking trails. The property is also located near Ahwatukee Foothills Town Center, which provides residents more than 1.7 million square feet of retail amenities.
Developed by Trammell Crow and BRE in two phases in 1995 and 1997, Pinnacle South Mountain features both a townhouse and garden design. Units feature nine-foot and vaulted ceilings, full-sized washers and dryers, roman tubs, French doors, wood-burning fireplaces walk-in closets and private patios and balconies with storage. The community benefits include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas.
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