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10/10/24
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In a recent AZ apartment buy, Sargard Real Estate acquired Trovita Rio, a 209-unit core apartment community located in Tempe. Although a price was not given out, sources tell us that the property traded for around $77 mil, or just under $370k/unit.
Built in 2019, Trovita Rio is a best-in-class 209-unit mid-rise apartment community situated on 3.2 acres at 701 W Rio Salado Pkwy, directly across from Tempe Town Lake. The property features state-of-the art amenities including a rooftop entertainment deck, fitness center, community clubhouse, and EV charging stations. It was 93% occupied at time of sale.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield procured the buyer, formerly known as EverWest Real Estate Investors, on behalf of the seller in the transaction.
Sargard Real Estate has been strategically looking to expand their multi-family portfolio in desirable high-growth markets. Due its centralized location, large employment drivers, easy access to transportation corridors (including multiple freeways, light rail and Sky Harbor International Airport), as well as significant retail and entertainment venues, Tempe continues to be an attractive market to investors.
“Trovita Rio is a very well-maintained property with a strong occupancy history,” commented Nicoluzakis. “Tempe is one of the most appealing submarkets in Phoenix giving residents access to numerous community amenities as well as placing them within minutes from Arizona State University and Phoenix MSA’s largest employment corridor."
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