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September 22, 2021
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Arizona Multifamily Asset Traded in $94 Mil Transaction


Ravenwood Heights, a 240-unit multifamily community in Tempe, AZ, was purchased by funds managed by Oaktree Capital Management L.P. in a $94.5 mil ($394k/unit) transaction.

Built in 2009, Ravenwood Heights – located at 647 W Baseline Rd - is the only for-rent community in the South Tempe submarket with 100% direct-access two-car garages. Each residence consists of spacious two- and three-bedroom floor plans that average 1.3k sf in size.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Hudye Group.

Metro Phoenix led all U.S. metros in multifamily rent growth in Q2 2021 with a 15.3% year-over-year increase, according to CBRE research. Similarly, the South Tempe submarket outperformed the metro with annual rent growth of 16.6%.

“Ravenwood Heights affords us the opportunity to acquire a high-quality, purpose-built townhome for rent community with a strong amenity package in an infill location in Phoenix, which is experiencing some of the highest rent growth in the nation,” said Jared Lazarus, Managing Director at Oaktree. “As the single-family for-rent market continues to exhibit strong fundamentals, this product type is a perfect fit for our income strategy.”

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