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10/18/17
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Tempe Vista, a 186-unit apartment communityin Tempe, AZ, was purchased by Denver-based Capital Real Estate LLC for $20.5 mil ($110.2k/unit). The property, located at 2045 E. Broadway Rd, was sold by Phoenix-based 2045 Broadway Communities LP.
Tempe Vista is a garden-style, 20-building community totaling 160.5k sf of space. It includes a clubhouse, community coffee bar, cyber café with Wi-Fi, workout facility, dog park and two swimming pools.
Built in 1972, and fully renovated in 2008, the community offers one- and two-bedroom floor plans with an average unit size of 863 sf. Each unit features a fully equipped kitchen with energy efficient appliances, modern light fixtures and hardware, spacious closets and private balconies/patios.
Brett Polachek from Cushman & Wakefield Phoenix represented the seller in the transaction. According to Polachek, the buyer plans to invest additional money into both the interior and exterior of the property to take advantage of the robust tenant demand in Tempe.
Located in North Tempe, one of Arizona’s most thriving submarkets, the property is in close proximity to major employers, big box retailers, educational institutions, recreational opportunities and the METRO Light Rail. Near the Loop 202, Loop 101, I-10, and US 60 Freeways, the property provides easy access to downtown Tempe and Metro Phoenix.
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