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

Cushman & Wakefield Negotiates Sale of Midtown Apartment Community

PHOENIX, Arizona – Cushman & Wakefield announced the $17.5 million ($126,811 per unit) sale of Clarendon Park, a 138-unit apartment community located at 222 W. Clarendon Avenue in Phoenix, to Phoenix-based Rincon Partners, LLC.

Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the buyer.

Built in 2002, Clarendon Park offers studio, 1- and 2-bedroom floor plans with an average unit size of 703 square feet. Totaling 97,048-square-feet, community amenities include fitness center, pool, garages, in unit washer/dryer and easy access to the Metro light rail and other public transportation.

“This purchase offers the buyer an opportunity to take advantage of the positive fundamentals taking place in this infill location,” said Polachek.

Located in the heart of Phoenix, the property is in a walkable area with quick and easy access to fine dining, museums, galleries, theater, music and major league sports facilities. In addition, the Metro light rail is less than an eight minute walk. For further commutes, the property is in close proximity to four major freeways including I-10, US 51, I-17 and US-60.

Two Tucson apartment sales of properties located within blocks of each other at Oracle and Orange Grove Roads, The Park Place Apartments and Casas Adobes Apartments closed within two days of each other in unrelated transactions.

California-Based, Prime Residential sold The Park Place Apartments at 11 East Orange Grove Road in Tucson for $28.8 million ($78,836 per unit). The 365-unit community is located at Oracle and Orange Grove in the Northwest submarket of Tucson.

The one- and two-bedroom community was built in 1973. Community amenities include a business center, clubhouse, fitness center, whirlpool/spa/ sauna, laundry facilities, two swimming pools, tennis courts, community lounge, sundecks, on-site property management and lots of parking. Corporate suites are also available and pet friendly.

Units include full-size washers and dryers, dishwashers, and private patios or balconies with views of the Santa Catalina mountains.

Art Wadlund and Clint Wadlund of Berkadia Real Estate Advisors in Tucson represented the seller in the transaction. The investor was Trans Western, Inc. (James Horvath, manager).

For additional information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.529.9206.

To learn more, see RED Comp #3954.

The other northwest apartment community, Casas Adobes Apartments at 6200 N Oracle Road in Tucson was sold by Casas Adobes Partners V, LLC, a group of California investors, (Milton Mabry, manager) for $11.75 million ($57,598 per unit). The 204-unit gated community was completed in 1978 and sold as a value-add asset with a unit mix of studios, one- and two bedroom units in five floor plans.

Amenities include full sized kitchen appliances including dishwashers and a garbage disposal. Selected two bedroom apartments have been upgraded with new cabinets, flooring, appliances, lighting, and plumbing fixtures. Apartments also feature stacked 120v Washer & Dryer hookups, with machines available to rent and three on-site laundry facilities. Community amenities include two swimming pools and a spa, fitness center and patios and balconies with Catalina mountain views.

The investor is a Colorado group, GR Partners Casas Adobes, LLC and Greens Road Partnership, LLP.

Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office and Allan Mendelsberg of Cushman & Wakefield | Picor handled the transaction.

Mendlesberg reported receiving nine offers on the property in the four weeks it was on the market. The buyer plans to do both interior and exterior renovations to the property.

For additional information, Mendelsberg should be contacted at 520.546.2721.

To learn more, see RED Comp #3949.