CBRE Completes $75.1 Million Sale of Tempe Multifamily Property
31 5 2018
CBRE has brokered the $75.1 million sale of Galleria Palms, a 424-unit, garden-style multifamily community with value-add potential in Tempe, Arizona.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, an institutional investor on behalf of a separate fund client. The buyer was a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management, L.P.
Located at 1600 W. La Jolla Drive in Tempe, Galleria Palms boasts a highly visible location adja¬cent to U.S. 60 and I-10 in the dynamic Tempe submarket, which continues to experience unprecedented job growth.
The property has a timeless low-density site plan, common area amenities including two swimming pools, a volleyball court, an indoor basketball court, barbeque areas and a children’s playground. Individual residences have nine-foot ceilings, well-appointed kitchens, full-size washer/dryers, walk-in closets and private balconies/patios.
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.