TEMPE, AZ- The Douglas Allred Co. has flipped Arpeggio, a 156-unit multifamily property for $18.5 million, marking the sale of its next-to-last multifamily asset in the Phoenix area. The final asset, Crystal Cove Apartments in Chandler is scheduled to close in four to six weeks.
Arpeggio's buyer, Silverstone Communities LLC., based in San Diego, plans to convert the complex, located at 2134 E. Broadway Rd., into condominiums. According to Tyler Anderson, executive vice president of CB Richard Ellis Inc.'s Phoenix office, the buyer plans to invest about $15,000 per unit into the conversion. The condos most likely will be tagged for sale at $200 per sf, he says.
"We had 10 offers on this property," says Anderson, who with CBRE colleague Sean Cunningham represented the seller. Silverstone's competitive offer and closing history secured the win. "They have a good track record in terms of this particular market," Anderson tells GlobeSt.com. Silverstone used in-house brokers to negotiate the deal.
Built in 1997, the mix consists of 68 one-bedroom units, 56 two-bedroom designs and 32 three-bedroom apartments. Units range from 738 sf to 1,256 sf. Rents start at $687 per month and go up to $1,087. The Arpeggio was 95% leased at sale time.
The San Diego-based Douglas Allred is only selling its multifamily in the Greater Phoenix area."He owns a lot industrial property," Anderson says, "and he'll keep that."
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