CBRE Handles Sale of Mason Oliver Apartments in Downtown Phoenix

CBRE negotiated the sale of Mason Oliver, a 292-unit Class A multifamily community located in downtown Phoenix. CBRE's Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen represented the seller, Knightvest Capital. San Diego-based investment firm ColRich acquired the community for $62.3 million. Trevor Breaux and Troy Tegeler with CBRE’s Debt & Structured Finance practice arranged financing for the buyer.

“Mason Oliver’s urban infill location in Downtown Phoenix, adjacent to a light rail stop, combined with the community’s large floor plans and unique design, presented a very attractive investment opportunity in a submarket with strong and growing demand drivers,” said Pesch, vice chairman at CBRE.

Built in 2016, Mason Oliver is comprised of two stand-alone podium buildings separated by one block, with the 12th and Washington light rail station located within walking distance between the two buildings. Each building offers a full suite of amenities, including two swimming pools and spa areas with barbecue grills, two fully equipped fitness centers, two resident clubhouses and two leasing centers.

ColRich is a real estate, construction and investment firm focused on value-add, residential real estate in strategic locations throughout the Eastern, Western and South-Central U.S. ColRich owns 12 multifamily communities throughout metro Phoenix, including the addition of Mason Oliver.

“We are excited to continue the growth of our Phoenix multifamily portfolio in a desirable market that we believe will continue to expand over the long term, attracting top-tier companies and residents looking for an attractive yet affordable lifestyle,” said ColRich CEO Danny Gabriel. “ColRich continues to target balanced, high-growth markets that are successfully conquering short-term supply pressures.”

Phoenix is one of the top markets in the country for multifamily demand, posting 15,400 units of absorption through June 2025, the third-highest year-to-date absorption total of all U.S metros, according to data analyzed by CBRE.

Since its founding in 2007, Knightvest Capital has invested over $10 billion to acquire over 55,000 units across high-growth metro areas in Texas, Arizona, the Carolinas, and Florida, making it one of the largest apartment owners in the United States.

“This seamless transaction is evidence that well-located, high-quality multifamily communities present exceptionally attractive investment opportunities,” said Knightvest Capital President Daniel Ebner. “We appreciate the attention to detail and diligent effort from all parties that resulted in a successful outcome.”