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12/05/18
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Tempe Metro, a 408-unit apartment community in Tempe, AZ, was acquired by Continental Realty Advisors Ltd and MLG Capital in a recent $53.5 mil ($131k/unit) deal.
Completed in 2010, Tempe Metro features studios, one-, two- and three-bedroom apartment homes with 9’ or 17’ vaulted ceilings. The four-story, elevator-served community also contains an 800-space structured parking garage.
Amenities include a state-of-the-art fitness center, pool, spa, outdoor kitchen, resident lounge, clubhouse and leasing center. The new ownership has plans for extensive improvements to the community’s common areas and amenities, and intends to implement a programmatic renovation program to the unit’s interiors.
Tempe Metro is located on the McClintock/Apache Blvdd ValleyMetro light rail stop, a five-minute ride to Arizona State University’s Tempe campus, an eight-minute ride to Mill Avenue, Downtown Tempe and State Farm’s new Marina Heights Tempe Campus, and under a 30-minute ride to Sky Harbor International Airport. Large-scale office developments and future employment centers within five miles from the property include The Grand at Papago Park, Liberty Center at Rio Salado and the future IDEA Tempe Biomedical Campus. Recently announced corporate expansions in Tempe include State Farm, JPMorgan, Freedom Financial and ADP.
David Snyder, president and CEO of Continental Realty Advisors, pointed out, “Tempe Metro is an outstanding TOD property in a dynamic area of Tempe. The property is minutes from ASU, the largest undergraduate university in the nation, surrounded by expanding corporate business centers in the pathway of future demand. Tempe Metro is another strong Phoenix acquisition and addition to our growing multifamily portfolio.”
John Cunningham and Charles Steele of JLL Phoenix brokered the deal, and Josh Simon of HFF Denver and Brad Miner of HFF Phoenix originated the loan.
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