Cushman & Wakefield Negotiates Sale of 306-Unit Apartment Community
PHOENIX, Arizona – Cushman & Wakefield announced the $33.8 million ($110,458 per unit) sale of Mission Springs, a 306-unit apartment community located at 1311 W. Baseline Road in Tempe, Ariz., to 29th Street Management II, LLC.
Executive Managing Director Jim Crews from the Cushman & Wakefield Phoenix office represented the seller, Gelt Baseline Holdings, LLC.
Built in 1987, Mission Springs offers one- and two-bedrooms with four expansive floor plans. Each unit includes a kitchen equipped with modern appliances, hardwood flooring, views, in-home washer and dryer, oversized closets, private balcony or patio and vaulted ceilings. The community offers residents a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered parking.
Mission Springs in conveniently located a quarter mile east of the I-10 on Baseline Road in the heart of Tempe. The property is in close proximity to major employers, dining and shopping, educational institutions, recreational opportunities and provides easy freeway access.
“Located in an in-fill portion of Tempe, Mission Springs represents an outstanding opportunity to re-position the asset through interior upgrades, overall hands-on asset management, and increased marketing to local employers and employees, along the Baseline/I-10 corridor,” said Crews.