Tempe Apartment Community Sold to California Investor for $26.7 Million

Studio 710, 710 Hardy Drive in Tempe, AZ

Property Located in the Heart of High Tech Job Growth

Phoenix, Arizona — Studio 710, an apartment community located at 710 Hardy Drive in Tempe, has been sold to Tara Investment Group of San Francisco for $26.75 million ($112,000 per unit). The property is located in the heart of burgeoning Tempe.

“This asset is located within walking distance of the ASU campus, Tempe Town Lake, Metro Light Rail, Mill Avenue, and 50,000+ jobs,” says Brad Cooke with Colliers International in Arizona.“This is a true Live Work Play location with a 97% bike score.”

Tara Investment Group was self-represented in the transaction.  The company purchased the apartment community from Domain Communities, a private value-add multifamily real estate investment company.  Domain was previously based in Scottsdale for 10 years before moving to Houston in 2012.

The principal of Domain Communities, JD Golden, has not forsaken his Arizona ties, buying over 3,000 apartment units in Mesa, Phoenix, Tempe and Tucson since 2014. “The Phoenix market has proven incredibly resilient during the past 6 years and is still poised for further growth” said Golden.

Brad Cooke and Cindy Cooke of Colliers International in Arizona represented the seller in the transaction.

Studio 710 contains 239 apartment units within 12 buildings totaling 98,500 square feet.  Built in 1975, the two-story, garden style community features a very modern atmosphere with a recently renovated resort-style amenity package. The community now features two luxurious resort-style pools with cabanas a free Wi-Fi.  A trainer-designed fitness studio, outdoor jogging track and outdoor gathering areas all have been added.  Studio 710 now offers fire pits, outdoor yoga and zen space, bike racks and a variety of entertainment areas.

45 of the units are in classic condition and the remaining units have been upgraded to a B level.  The buyer intends to renovate the remaining 45 units plus bring some of the B level upgrades to a more modern full upgrade to compete just below the new construction.

The submarket has become a home for major tech companies, many relocating from Silicon Valley.  The strong job and population growth has equated to a 7.9% rent growth for the submarket.




Velocity Retail Group Represents At Home in Purchase of Tempe Location

Tempe, Arizona —   Velocity Retail Group’s Darren Pitts, Executive Vice President, represented At Home (NYSE: HOME) in the purchase of 5.88 acres of land in The Groves shopping center located at the northwest corner of Elliot Road and Hardy Drive in Tempe, Arizona.  Existing tenants in the shopping center include Wal-Mart Supercenter, Ross Dress for Less, PetSmart and Staples and other retailers in the intersection include Costco Wholesale, IKEA, Floor & Decor and The Dump.

“We were pleased to be able to find such a high-quality site for At Home in the City of Tempe.  This acquisition will secure At Home a premier Elliot Road location in the dense south Tempe market.  This is one of the strongest retail intersections in the Southeast Valley,” said Pitts.  The 88,000-square-foot building will be constructed on the east end of the existing shopping center adjacent to Staples.  It is expected to open in the later part of 2019.

This will be the seventh Arizona location for At Home, which is based in Plano, Texas.  Velocity Retail Group has worked with At Home on their store locations in the Phoenix area since 2007.  Velocity Retail continues to seek new locations for At Home as the retailer has plans to add additional stores in major markets in Arizona.  At Home operates over 165 locations in 30 states.




CBRE Brokers $4.8M Sale of Apartment Community Near Arizona State University in Tempe

Decco 109 Apartments, 109 E Broadway Rd, Tempe, AZ

PHOENIX, Arizona CBRE has arranged the sale of Decco 109, a 40-unit garden-style apartment community located near Arizona State University at 109 E. Broadway Road in Tempe, Ariz. The property commanded a sale price of $4.8 million ($120,000 per unit).

Brian Smuckler, Jeff Seaman, and Bryson Fricke represented the seller, 5C Onyx Tempe, LLC, and the buyer, B&R Capital Partners and Capital Allocation Partners, in the transaction.

The unit mix is comprised of spacious one- and two-bedroom floorplans that range from 650 to 850 square feet. Renovated in 2014 with premium finishes, the property features wood-style vinyl flooring, contemporary kitchen finishes, full-size appliances and modern bathroom vanities. Exterior renovations include a smooth stucco façade with a two-toned paint scheme, resurfaced parking, dual-pane windows and a new bistro area with gas barbeque grills.

Decco 109’s central location provides immediate access to Fortune 500 employment, an eclectic mix of shopping and dining options in the historic Mill Avenue District, Arizona State University, and Tempe Town Lake, known for outdoor festivals, art shows, concerts and recreation.