CBRE Global Investors purchased the 629-unit “Broadstone Element Apartments” this Thursday for a salesprice of $66.3 million, or $105,405 per unit. It was purchased from Alliance Residential, who had acquired the property for $50 million in late 2012. The property underwent distress in 2009, when a $63 million loan was noticed for trustee sale and subsequently sold at auction for a credit bid of $39 million. This amounts to almost half the price at which it had been originally purchased in 2006.
The Broadstone Element Apartments are nestled directly southeast of the I-17 and Loop 101 freeways. The complex consists of thirty-three 2 and 3-story buildings on 15.6 acres and has a range of unit mixes from studios to four-bedroom floorplans. Amenities include four resort-style pools, clubhouse, fitness center, and in-unit washer and dryer.