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March 17, 2018
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Pacific Development Partners Buys 290-Unit AZ Multifamily Property


Los Angeles-based Pacific Development Partners has purchased Vela, a 290-unit luxury multifamily community in Tempe, AZ. The price was not disclosed.

Vela is located at at 555 N. College Ave, adjacent to the Tempe Town Lake marina and directly across from the new regional headquarters of State Farm and Sun Devil Stadium, the football stadium for Arizona State University. In addition to 500 feet of south-facing frontage along the lake, the community includes a resort-style pool with luxury cabanas; state-of-the-art fitness center including touch screen cardio equipment and free weights; indoor lounge space overlooking the lake with a catering kitchen, fireplace seating area and television viewing area; activity courtyard complete with moveable movie projector, gaming area, fire pits and grilling area; indoor bike storage; and outdoor covered lounge with kitchen, grilling areas, pool table and television viewing area.

With two buildings ranging from three to five floors, Vela wraps around a structured parking garage. In addition to stainless steel, Energy Star appliances, each unit has quartz countertops, gourmet prep islands, custom wood cabinets, full-size washer and dryer connections, floating vanities and private balconies.

The property was developed by Transwestern Development Company (TDC), led by Executive Vice President Ty Puckett and Vice President Josh Delk. The project was designed by Wilder Belshaw Architects and Davis Architects. The general contractor and civil engineer were MT Builders Cos. and Hilgart Wilson LLC, respectively.

Financing for the project was provided by Bank of the Ozarks and Cornerstone Real Estate Advisers LLC. CBREs Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch represented the seller, a partnership between TDC and FL Lakeside Investor LLC, in the transaction.

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