CBRE Arranged $127.8 Million Sale of 328-Unit Apartment Complex Tamarron in Phoenix to Decron Properties

CBRE arranged the $127.8 million sale of the 328-unit Tamarron apartment community in Phoenix to real estate investment company Decron Properties.

Asher Gunter, Matt Pesch, Sean Cunningham, Austin Groen and Tyler Anderson of CBRE represented the seller, CX Holdings, LP.

Located at 4410 N. 99th Ave, Tamarron’s amenities include a resort-style swimming pool and spa area, fully equipped fitness center and sauna, two outdoor basketball courts, resident clubhouse with media room and business center, children’s playground, dog park, barbeque and picnic areas, and parcel package lockers.

This is the second multifamily sale to Decron CBRE facilitated in April. The company also acquired Ascent at Papago Park, a 270-unit apartment property in Phoenix.

“Demand for multifamily in the Greater Phoenix area continues to be exceptionally strong, especially in the West Valley market due to its rapidly growing employment base and nation-leading in-migration,” said Cunningham.

Phoenix ranked seventh on the Milken Institute’s Best-Performing Cities report in 2021 for its strong population and employment growth, diversifying technology industry and the region’s generally low cost of living. The report ranked each city in terms of economic recovery and growth potential in 2021.

Joseph Dietz of Beacon Investment Real Estate assisted in the transaction as asset manager to the seller and Curt Cranfield represented the seller in probate. Chris Maddox and Vicki Etherton of Landmark Title Assurance Agency handled escrow.