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.”
Trillium Cave Creek benefits from an prime location in North Phoenix with proximity to over 200,000 jobs in the Deer Valley, Scottsdale Airpark, Desert Ridge, and Camelback employment corridors. Additionally, the community is only five minutes from Desert Ridge Marketplace, which features 1.2 million square feet of retail, restaurant and entertainment amenities.
Built in 2008, Trillium Cave Creek was 94% occupied at time of sale. Units feature full-sized washers and dryers, walk-in closets and private patios and balconies. Community features include a 27-seat cinema, state-of-the-art fitness center and yoga studio, resort style swimming pool and climate controlled personal wine storage room for tenants.
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