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June 15, 2024
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MULTIFAMILY NEWS
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Seattle Investment Entity Pays $728k/Unit for AZ Townhome Community

5/18/22

Farmer Avenue Lofts, an 18-unit townhome property in Tempe, AZ, was acquired by Blueprint Capital, a Seattle-based real estate investment trust for $13.1 mil ($728k/unit). Built in 2008, Farmer Avenue Lofts is located at 354 South Farmer Ave.

The property is comprised of all three-bedroom floor plans, averaging 2.5k sf each. Units include granite countertops, Wellborn Milan cabinets, stainless steel appliances, floor-to-ceiling windows, over-sized balconies, two-car direct-access garages and private rooftop decks.

This property is situated in proximity to the Loop 202 Freeway, Mill Avenue Entertainment District, Arizona State University, and Phoenix Sky Harbor International Airport.

Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the buyer and the seller, Tincath LLC, an AZ limited liability company based in Germany.

“We continue to see great interest for multifamily housing in Tempe from local investors as well as out-of-town buyers looking to enter the market or expand,” says Smuckler. “They are particularly attracted by this area’s growth potential from the recent construction of mixed-use developments, the emerging corporate tech footprint, and the expansion of Arizona State University.”





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