CBRE has announced the sale of The Porter, a 165-unit multifamily community in Tempe to a private investor for $32 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the seller, a private investor in the transaction. Rocco Mandala and Anthony Valenzuela of CBRE arranged the financing on behalf of the buyer, according to a press release.
Originally built in 1980, The Porter, 1532 S. Price Road, is comprised of 165 units with a mix of one-bedroom and two-bedroom apartments.
Amenities include a pool, clubhouse, and laundry facility. The Porter is adjacent to Loop 101, which connects Tempe to the rest of the Phoenix metropolitan area.
“The Porter recently underwent renovations and the new buyer plans to make further enhancements to increase the value of the asset,” Mr. Seaman in a prepared statement. “The demand for multifamily remains robust, as rents have continued to rise in metro Phoenix, which continues to be a leading market in terms of population growth.”