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August 26, 2019
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New Multifamily Property in Tempe, AZ Sells for $297k/Unit


Lakeside Drive, a brand new, 150-unit Class A, luxury rental community located in the center of Downtown Tempe, sold for $44.5 mil, or $297k/unit. The property, located at 500 W. 1st S, was purchased by San Diego-based Lakeside Drive Apartments LLC.

The community, conveniently located near ASU, Tempe Town Lake, Tempe Center for the Arts, and Mill Avenue, also features a clubroom with gourmet kitchen, two-story state-of-the-art fitness center, swimming pool and spa, poolside cabanas and outdoor entertainment pavilion, rooftop lounge, outdoor fire pits and grilling areas, complimentary coffee bar, complimentary beach cruisers, and garage parking.

Lakeside Drive offers a mix of studio, one-, two-, and three-bedroom floor plans at an average size of 919 sf; the community also offers penthouse options. Each apartment features gourmet kitchens with gas cooktops, energy star appliances, granite countertops, wood-style flooring, front-load washer/dryers in units, walk-in closets, Nest thermostats, 19-foot ceilings in select units and wine refrigerators in select units.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Broadstone Lakeside LLC, an entity formed by Phoenix-based Alliance Residential and Cottonwood Residential located in Salt Lake City.

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