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July 16, 2018
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San Diego Investor Pays $36 Mil for Tempe, AZ Res Community


A San Diego-based private investor acquired Ovation at Tempe, a 270-unit multifamily community in Tempe, AZ, for $36 mil, or about $133k/unit. The asset was sold by a joint venture between Passco Companies LLC and InSite Property Ventures.

Ovation at Tempe is located at 4502-4505 S. Hardy Dr, east of I-10 and just south of Hwy 60. It features one- and two-bedroom apartment units, as well as separate casitas and townhomes situated on approximately 16 acres.

The JV partnership initially acquired the asset for $25.85 mil in 2014. During its ownership, they implemented a series of interior and exterior improvements to the apartment community including upgrading unit interiors, constructing additional carports and enhancing the property’s exterior and community amenities. The company was able to achieve a 170.5% return to investors.

“When we initially acquired the property, the region was in proven recovery with plenty of runway left for growth in terms of both value and rents,” notes Passco’s Founder and CEO, Bill Passo. “In fact, rents in the Phoenix Metro have increased by 5.6% over the past year alone, which is attracting significant investor interest to the region.”

Mark Forrester, Ric Holway and Dan Cheyne with Berkadia represented the seller. Jackson Cloak, also with Berkadia, arranged the $27 mil in financing through Freddie Mac.

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