PHOENIX—TM Equities of Salt Lake City has purchased Trillium Cave Creek, a 292-unit apartment community located at 20050 N. Cave Creek Rd. in Phoenix, from Phoenix-based Trillium Residential. The asset sold for $42.5 million.
Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE's Phoenix office negotiated the transaction.
“Trillium Cave Creek offered a rare opportunity to acquire a class A asset in an excellent infill location experiencing high demand,” says CBRE's Cunningham. “The property has demonstrated strong revenue growth and is well-situated to benefit from a light value-add program should the buyer so choose.”
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