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April 18, 2024
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KB Investment and Development Company Buys 328-Unit Multifamily Property in Tempe, AZ


KB Investment and Development Company has acquired Skywater at Town Lake, a 328-unit multifamily community located at 601 W. Rio Salado Pkwy in Tempe, AZ. The purchase was financed with a first mortgage of $108 mil provided by Mesa West Capital.

Built in 2015, the five-acre property offers a mix of floor plans ranging from studios to three-bedroom apartment homes housed in five four-story elevator-served buildings. Skywater at Town Lake was 96.6% leased at closing.

Amenities at the property include a sundeck swimming pool with views of Tempe Town Lake, a top floor resident clubhouse with a full kitchen, pool tables and wrap around balcony, an outdoor kitchen and entertainment space with firepits and games, a two‐story fitness center with a yoga studio and Peloton bikes, EV charging stations, a bike/paddle board/kayak storage room, an underground parking structure and an on‐site coffee shop.

Skywater at Town Lake benefits from its prime location within the Tempe submarket. The property draws from the approximately 54,000 students attending nearby Arizona State University and more than 100,000 people that now work in Tempe. Skywater is within walking distance to the Mill Avenue Entertainment District, which boasts one of the highest concentrations of restaurants café, microbreweries, sports bars, and retail amenities in Arizona.

Rocco Mandala with CBRE arranged the five-year, floating rate loan.

Over the last 10 years, Tempe has evolved from a traditional college town centered around ASU to an economically diverse, urban, employment corridor with the fastest‐growing concentration of technology and financial services companies in the state. Tempe’s office market has grown from 2.7 msf in 2014 to more than 11 msf today.

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