The 288-unit Gateway at Tempe Apartments near the corner of McClintock and University Drives sold Monday for a purchase price of $56.75 million, or just over $197,000 per unit with no debt recorded. Apex One Investment Partners acquired the property via bankruptcy sale. It had previously been sold for $51 million back in 2006, funded by a $33,150,000 loan with Wachovia Bank.
The complex consists of one, two, three, and four bedroom units. It was built in 1998 and is currently being used as ASU student housing.