A partnership between Trammell Crow subsidiary High Street Residential (HSR) and PGIM Real Estate has successfully sold Smith & Rio, a 310-unit apartment complex located in Tempe, for $106 million. The seller was represented by CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen.
Constructed by HSR in 2023, Smith & Rio boasts luxurious amenities such as a rooftop deck with stunning views and a resident clubhouse featuring elegant finishes. The central courtyard includes a pool deck with spa facilities, barbecue pavilion and fire features. Other amenities include a 24-hour fitness center, co-working offices, pet spa and an outdoor courtyard complete with dog park and yoga lawn.
Trammell Crow Company has been recognized as the top development firm in the country for the past eleven years consecutively since delivering over 64 million square feet of development projects from 2021 to 2023. Meanwhile,Hight Street Residential was ranked #3 among multifamily development firms in the U.S., having completed construction on over6 ,523 units between2012and2014 . This successful sale marks another milestone achievement for both companies.
