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JRK Property Holdings Picks Up 408 Res Units in Arizona

11/10/20

Los Angeles-based JRK Property Holdings Inc completed a multifamily acquisition in Arizona with the purchase of 909 West, a 408-unit apartment complex in Tempe. The asset, located at 909 W. Grove Pkwy, was sold by MG Properties Group.

Built in 1999, 909 West is a garden-style multifamily community with one, two- and three- bedroom floorplans in three- and four-story buildings. The community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park.

Located in the South Tempe submarket, 909 West is situated less than one mile from access to Interstate-10 and about five miles from Downtown Tempe.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties repped the seller in the deal. The price was not disclosed.

“Investors want to be in Phoenix and 909 West presented an excellent value-add proposition,” said Gunter. “The community’s central location in proximity to large employment centers in Tempe and Chandler, its strong operational performance and value-add potential attracted significant investor interest.”





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