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July 5, 2022
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Arizona Multifamily Community Gets New Owner in $75 Mil Deal


Sanctuary on Broadway, a 240-unit multifamily community in Tempe, AZ, traded hands in a $75 mil ($312.5k/unit) transaction. The buyer was a private Washington state-based syndicator.

Sanctuary on Broadway, located at 1330 West Broadway Road, offers 60% two-bedroom floor plans that average 770 sf. The two-building, two-story property features renovated interiors including stainless steel appliances, white-shaker style cabinetry, subway-tile backsplashes, modern bathroom vanities, and in-suite washers/dryers in select units. Common area amenities include a swimming pool, clubhouse, picnic areas with barbecues, and a fitness center.

The property is in proximity to Arizona State University, the Hardy/Broadway Revitalization Corridor and Mill Avenue. It provides easy access to the I-10 and I-60 Freeways.

Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the buyer. This is the CBRE teamís second sale of a Tempe multifamily community within the last month to a Washington State-based buyer. Seattle-based Blueprint Capital purchased Farmer Avenue Lofts for $13.1 mil, as reported on RENTV.

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