Press Release

CBRE Brokers $7.65 Million Sale of Glendale Apartment Community

28 6 2018

inPhxMultifamily_Sunset-Terrace

CBRE has brokered the sale of Sunset Terrace, an 86-unit apartment community located at 4413 W. Bethany Home Road in Glendale. The property sold for $7.65 million, or $88,953 per unit.

Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE represented both the seller, Peoria, Ariz.-based Sunset Terrace Apartments, LLC, and the buyer, Luna Bear Sunset Terrace, LLC of Hermosa Beach, Calif. in the transaction.

Built in 1983 and renovated in 2016, Sunset Terrace is composed of eight two-story buildings featuring 54 one-bedroom, one-bath units and 32 two-bedroom, two-bath units. Community amenities include a swimming pool, a BBQ and picnic area, covered parking and on-site laundry.

Sunset Terrace is conveniently located less than a mile from the U.S. 60 and approximately two miles from I-17 in the strong submarket of Glendale, where rents have increased over 3 percent since last year. The proptery lies in an area projected to lead major western markets in employment and population growth. Major employers in the area include Banner Thunderbird Medical Center, Blue Cross & Blue Shield, Cigna Health Care and Arizona Public Services. Additionally, Glendale is rich in retail and entertainment destinations, including the University of Phoenix Stadium, home of the Arizona Cardinals.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.