Lennar Multifamily's new Skywater at Town Lake mixed-use apartment complex sold Wednesday for $94.2 million, or just over $300,000 per unit. The Teachers' Retirement System of the State of Illinois are the new owners of the property, purchased care of real estate management firm Heitman. A $47.1 million note with Nationwide Life Insurance Company funded the transaction.
Skywater at Town Lake is located near the southeast corner of Hardy Drive and Rio Salado Parkway in Tempe, less than a mile from Arizona State University. It features an array of floorplans including studios, 1-3 bedrooms, lofts, and live/work units. A 155,000 square foot parking structure is included on the property, as well as two pools and a clubhouse. The 328-unit project completed construction earlier this year.
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