Cushman & Wakefield Negotiates Sale of 186-Unit Apartment Community
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Tempe Vista, a 186-unit apartment community located at 2045 E. Broadway Road in Tempe, Ariz., to Denver-based Capital Real Estate LLC for $20.5 million ($110,215 per unit).
Brett Polachek from the Cushman & Wakefield Phoenix office represented the seller, Phoenix-based 2045 Broadway Communities, LP.
Tempe Vista is a garden-style, 20-building community totaling 160,453 square feet and includes a clubhouse, community coffee bar, cyber café with Wi-Fi, workout facility, dog park and two swimming pools. Built in 1972, and fully renovated in 2008, the community offers one- and two-bedroom floor plans with an average unit size of 863 square feet. Each unit features a fully equipped kitchen with energy efficient appliances, modern light fixtures and hardware, spacious closets and private balconies/patios.
“The buyer plans to invest additional money into both the interior and exterior of the property to take advantage of the robust tenant demand in Tempe,” said Brett Polachek.
Located in North Tempe, one of Arizona’s most thriving submarkets, the property is in close proximity to major employers, big box retailers, educational institutions, recreational opportunities and the METRO Light Rail. Near the Loop 202, Loop 101, I-10, and US 60 Freeways, the property provides easy access to downtown Tempe and Metro Phoenix