PHOENIX—CBRE has completed the sale of a rental property in North Central Phoenix. The former multifamily rental property will be converted to townhomes for sale. The Valencia Townhome community is located at 550 W. Maryland Ave.

CBRE multifamily investment properties' Brian Smucker and Jeff Seaman negotiated the transaction. The buyer was Valencia Townhomes, LLC of Scottsdale. The seller was American Residential Properties, Inc., also of Scottsdale.

Valencia Townhomes is a class A, luxury 36-unit garden-style townhome community located in North Central Phoenix. The community consists of two two-story frame and stucco buildings constructed in 2009. The original developer planned to sell the units individually. After the downturn, the community was sold to American Residential and units were turned into high-end rentals. The new buyer has plans to revert the townhomes back to individual units for sale.