CBRE Negotiates $75M Acquisition of Sanctuary on Broadway Multifamily Complex in Arizona

by Amy Works

TEMPE, ARIZ. — CBRE has arranged the sale of Sanctuary on Broadway, an apartment community located at 1330 W. Broadway Road in Tempe. A private, Washington-based company acquired the asset for $75 million.

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

Sanctuary on Broadway features 240 apartments, with 60 percent of the units as two-bedroom floor plans averaging 700 square feet. The two-building, two-story property offers renovated interiors, including stainless steel appliances, Shaker-style cabinetry, subway-tile backsplashes, modern bathroom vanities and in-suite washers/dryers in select units. Community amenities include a swimming pool, clubhouse, picnic areas with barbecues and a fitness center.

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