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CBRE Facilitates $27.2M Sale Of Proximity Baseline, Build-to-Rent Property In Phoenix

Property Image
SOLD
$27,200,000
Sean Cunningham
Asher Gunter
Matt Pesch
+ 2

Arizona

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Single Family Residence
Sold 08/03/2023
the dealplayerscompscontact
Property Image
SOLD

CBRE Facilitates $27.2M Sale Of Proximity Baseline, Build-to-Rent Property In Phoenix

1700 East Baseline Road Phoenix, Az 85042, Usa

See Similar Deals
Single Family Residence
Sold 08/03/2023
Sean Cunningham
Asher Gunter
Matt Pesch
+ 2
the dealplayerscompscontact
Contact now

Summary

ARIZONA
Asset Type:Single Family Residence
Transaction Type:Sale

CBRE has facilitated the sale of Proximity Baseline, an 80-unit build-to-rent property located at 1700 East Baseline Road in Phoenix, AZ. The property was sold by Avenue North to CVG Properties for a total price of $27,200,000.

Summary of transation details

  • Property Type: SFR
  • Transaction Amount: $27,200,000
  • Market: Phoenix, AZ

Asher Gunter, Austin Groen, Griffen Tymins, Matt Pesch, and Sean Cunningham from CBRE represented the buyer and seller in this transaction. They worked diligently to secure the deal for Proximity Baseline.

Players

Matt Pesch
CBRE
Matt Pesch
15 deals$1.2B volume
BROKER
Sean Cunningham
CBRE
Sean Cunningham
13 deals$1.3B volume
BROKER
Asher Gunter
CBRE
Asher Gunter
14 deals$1.2B volume
BROKER
Austin Groen
CBRE
Austin Groen
13 deals$1.1B volume(602) 735-1706
BROKER
GT
CBRE
Griffen Tymins
2 deals$122.9M volume
BROKER

Details

SOLD
IMAGE: Asher Gunter, Austin Groen, Griffen Tymins, Matt Pesch & Sean Cunningham DATE: 08/03/2023 ADDRESS: 1700 East Baseline Road MARKET: Phoenix, AZ ASSET TYPE: SFR BUYER: CVG Properties SELLER: Avenue North BROKERS: Asher Gunter, Austin Groen, Griffen Tymins, Matt Pesch & Sean Cunningham - CBRE SALE PRICE: $27,200,000 NOTE: CBRE has facilitated the sale of Proximity Baseline, an 80-unit build-to-rent property in Phoenix, for $27.2 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,450,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$96,635.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$128,941.88
Annual Debt Service$1,547,302.52