3 downtown Phoenix apartment complexes sell for $90M

Three separate apartment properties in a downtown Phoenix portfolio sold for $90 million, CBRE announced.

The apartment complexes — Linear, iLuminate and McKinley — are "boutique" Class A multifamily communities located within one-half mile of each other, according to a press release.

The properties — which total 323 units — are all in the Roosevelt Row neighborhood of downtown Phoenix.

Regent Properties is the buyer in the deal.

“Having invested in commercial and residential land and lot assets across the Valley for 20 years, we are excited to enter the Phoenix multifamily market with these three outstanding Class A communities and look forward to adding value to the properties for our investors and residents,” said Sam Kraus, chief investment officer for Regent Properties.