PHOENIX — CBRE on Thursday announced the sale of Northern Edge, a 51-unit apartment property in Phoenix, to a Newport Beach, Calif.-based private investor for $12.9 million.

Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the buyer.

Northern Edge, located at 2339 West Northern Ave., is a fully renovated property featuring community amenities such as a courtyard, BBQ area, swimming pool and dog park as well as an on-site leasing office and covered parking.

The property is comprised of one-, two-, and three-bedroom floor plans that have been fully remodeled and include quartz countertops, white shaker style cabinetry, stainless steel appliances and in-suite washer and dryers.

“Since April 2020, Phoenix has shown great signs of recovery and growth driven by the expansion of several industries ranging from healthcare, finance, manufacturing, distribution, information technology, and aerospace,” said Smuckler. “This bodes very well for apartment demand in the greater metro going forward.”

Seaman agreed.

“We continue to see great demand for multifamily properties in our area from local investors as well as out-of-town buyers looking to enter the market or expand their already existing footprint,” he said. “They are particularly attracted by this market’s strong fundamentals and by the ongoing in-migration from other states.”

The team also represented the seller, a California investment group, in the transaction.