GILBERT, AZ-After owning Cambria Luxury Apartments for more than a decade, the multifamily property‘s developer Robson Communities sold it for $18.6 million. Farnham Realty Inc. of Phoenix, an active buyer and seller of multifamily properties in the area, ended up with the 174-unit asset.
According to Rue Bax at ORION Investment Real Estate in Scottsdale, AZ, he and colleagues Alon Shnitzer, John Kobierowski, Eddie Chang and Doug Lazovick began marketing the multifamily property at 130 W. Guadalupe Rd. right after Thanksgiving. “In a matter of 10 days, we were able to secure over a dozen strong all-cash offers, with many of those buyers being able to close by year end,” Bax says in a press release. Bax notes that the seller, based in Sun Lakes, AZ, wanted a fast close due to “uncertainty of the current political climate and unknowns surrounding the fiscal cliff.”
Meanwhile, the buyer ends up with a multifamily property in the Southeast Valley that Bax says has a strong occupancy, due to its location to many jobs and job creators. “They also liked the variety of large, condo-style floor plans, many of which have direct access garages, and the future upside in remodeling the current interiors and common areas,” Bax observes.
Cambria Luxury Apartments opened in 2001 and contains a mix of one-, two- and three-bedroom units ranging in size from 797 square feet to 1,322 square feet. Current monthly rents are between $750 and $1,150.