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.
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