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5/25/12
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Haven, a 660-unit apartment community in Tempe, AZ, sold for $46.5 mil, or about $70.5k/unit and $93/sf. The property, located at 1440 East Broadway Rd, was developed by Lincoln Property Co in 1984 and underwent a renovation in 2006-2007 that included condominium-quality finishes in approximately 57 percent of the apartment interiors as well as extensive renovation work to the exterior of the property.
The upgraded apartment homes feature modern finishes and contemporary appointments such as clean steel appliances with microwave, washer/dryer combo, granite countertops, maple cabinetry, ceramic tile floors, brushed nickel hardware, upgraded track lighting and pendant lighting, Swiss Coffee paint, baseboards, upgraded carpet/pad, two-inch blinds, clean ceilings and ceiling fan lighting, two-paneled doors, globe light fixtures in closets, teardrop globe vanity lighting and upgraded tub surround with pocket shelving in the bathrooms.
Community amenities include an atrium-style residence center, Wi-Fi equipped clubhouse, media rooms, lighted tennis court, volleyball court, four swimming pools, soothing spas and ‘Wiggley Field’ dog park.
Cliff David and Steve Gebing, multifamily investment specialists in Marcus & Millichap’s Phoenix office, repped the seller, Petra Capital Management. The buyer was AG-ICC Haven Owner LLC.
“Haven is located near Arizona State University’s main campus, which provides access to a deep resident pool,” says David. “Arizona State University is the nation’s largest public university with approximately 59,794 undergraduate and graduate students enrolled for the 2011 fall semester, in addition to nearly 12,000 faculty and staff members.”
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