PHOENIX—CBRE has completed the sale of Stone Canyon, a 392-unit apartment complex located at 5210 E. Hampton Ave. in Mesa. The multifamily asset sold for $47 million and was 95% leased at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE's Phoenix office represented the sellers, a group of tenant-in-common co-owners who were supported throughout their hold period and the sales process by National Asset Services, Inc., a Los Angeles-based real estate asset management company. The buyer was Olen Residential Realty Corp. of Newport Beach.
Karen E. Kennedy, president of NAS says, "We have worked diligently with the 33 co-owners to drive value on this fantastic investment property, and are delighted to see these co-owners realize their financial objectives at the sale."
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