CBRE Arranges Sale of Smith & Rio Apartments

CBRE negotiated the sale of Smith & Rio, a 310-unit luxury multifamily community located in Tempe, Ariz. CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, a partnership between PGIM Real Estate and High Street Residential (HSR), the residential subsidiary of Trammell Crow Company (TCC). A leading global investor acquired the community.

“TCC delivered one of the best new communities in Metro Phoenix, and the remarkable investor interest was a reflection of Smith & Rio’s great appeal,” said CBRE’s Gunter, vice chairman and managing director of the Southwest region. “There is substantial capital looking for high quality, well-located multifamily communities with durable demand drivers. Smith & Rio’s contemporary design, top-of-market amenities, and ideal location in Tempe were exceptionally attractive to institutional investors.”

Completed by HSR in 2023, Smith & Rio’s amenities include a rooftop deck with panoramic views and a resident clubhouse with a palette of refined finishes, gaming tables, fireplace and seating areas. A central courtyard features a resort-style pool deck with a spa, barbecue pavilion and fire features. Additional amenities include a 24-hour, state-of-the-art fitness center, reception area and leasing office, multiple seating areas, co-working offices, pet spa, and another outdoor courtyard with a dog park and yoga lawn.

“Smith & Rio is an incredible modern community just minutes from the ASU campus and the best dining and entertainment in Tempe’s vibrant core,” said Paul Tuchin, Trammell Crow Company’s Phoenix market leader. “The success of Smith & Rio is a testament to the remarkable demand for luxury apartments in Phoenix and the community’s world-class living environment.”

Metro Phoenix is one of the top-performing multifamily demand markets in the country, with 21,564 units of absorption over the last four quarters, according to data analyzed by CBRE.

Trammell Crow Company was named the top development firm in the country in 2024 for the 11th consecutive year, delivering nearly 64 million square feet of development projects from 2021 through 2023. High Street Residential was named the #3 multifamily development firm in the U.S., completing 6,523 multifamily units between 2021 and 2023.

Trammell Crow Company is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2024, TCC had $19 billion of projects in process and $13.4 billion in its pipeline. With 575 employees throughout the United States and Europe in 26 offices, the company serves users of and investors in office, industrial/logistics, healthcare, life science, data center and mixed-use projects, as well as multifamily residential through its operating subsidiary High Street Residential.