Newly Completed Skywater at Town Lake Sells for $94 Million

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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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The Domain at Tempe Student Housing Sells for $65 Million

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The 299-unit / 959 bed Domain at Tempe Student Housing Apartment Complex sold Thursday for $65 million or $217,000 per unit. It is located near the intersection of McClintock Drive and Apache Boulevard, less than two miles east of the Arizona State University Tempe campus. The Scion Group purchased this asset from Harrison Street. Both buyer and seller are based in Chicago.

A five-story parking garage, two pools, two strip retail buildings and a three-story clubhouse are included on the property. The unit mix includes units of two, three, and four bedrooms.

Wide Area Map

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Canadian Investors Purchase 240-Unit Apartments at Priest and Broadway

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North Vancouver investors Western Wealth Capital purchased the 240-unit Anzio Apartments on Friday for $19.5 million, or $81,250 per unit. The apartment complex is located at the northeast corner of Priest and Broadway, just over a mile southwest of the ASU Tempe Campus and just a short drive from the I-10 freeway. Its unit mix includes one and two-bedroom floorplans in thirteen two and three-story buildings built 1971. A $15.5 million Freddie Mac loan was recorded with the sale.

For more information on this property including complete unit mix, history, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

Gateway at Tempe Apartments Conveys in Bankruptcy Sale

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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.

For more information on this property including complete unit mix, history, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

California Investors Sell Second Tempe Multifamily This Month

Arthur and Jacqueline Burdorf of Wood River Properties sold the Quail Canyon Apartments on Friday to Lloyd Sheiner of The Sheiner Group from Westmount, Quebec. It marks their second Tempe multifamily sale this month – on June 4^th they sold a 3.5-acre multifamily property to Lennar Multifamily (soon to be demolished, planned for The Hayden at Dorsey Station).

The Quail Canyon Apartments are located just a mile and a quarter southeast from Arizona State University. The Burdorfs sold the property for $9.3 million, or $83,035 per unit. Beutler Exchange was listed as Qualified Intermediary for the sellers.

For more information on both of these sales – including complete history, buyer/seller contacts, and planning info – visit us at www.vizzda.com or email us at info@vizzda.com.

You can also check out our previous post covering the sale of The Hayden at Dorsey Station.

Lennar Multifamily Moves Forward With 395-Unit Complex East of ASU

Dorsey Ln / Apache Blvd Vicinity Map

Lennar Multifamily assembled 6.7 acres at the intersection of Dorsey Lane and Apache Boulevard in Tempe to build a 395-unit apartment complex. “The Hayden at Dorsey Station” will total 600,000 square feet, with a podium-style ground floor parking and retail, and floorplans of one, two, and three bedrooms.  The project shares an intersection with the Dorsey Lane light rail stop. Two respective properties, a 101-unit two-story hotel and a 78-unit two-story multifamily of ten buildings, currently occupy on the proposed project footprint - all to be demolished. Lennar purchased these properties for a combined value of $11,475,000 or $1,712,687 per acre.

For more information including complete property history and buyer/seller contacts visit us at www.vizzda.com or email us at info@vizzda.com.

Boutique Hotel Investor Acquires Twin Palms Hotel in Tempe

VIZZDA – November 20^th, 2013 – The long-standing Twin Palms Hotel at 225 E Apache Blvd in Tempe has been purchased by Chicago-based AJ Capital Partners for $5,884,245. Mr. Fred Anthon of Missouri, owner of Crown Packaging, sold the property after owning the property for eighteen years.

Twin Palms Hotel - 225 E Apache Blvd

Located just South of Arizona State University’s Gammage Auditorium on the southwest corner of Apache Boulevard & College Avenue, Twin Palms is a 7-story hotel built 1975 with 140 rooms. The 2.41-acre parcel includes a freestanding restaurant leased to International House of Pancakes (IHOP #1510) dating back to 1968. There are also a number of telecommunication leases on the site.

AJ Capital financed the purchase with $6.75M debt loaned by Spectrum Life Insurance Co. Mr. Ben Weprin founded AJ Capital Partners in 2008, with the “A” & “J” standing for Adventurous Journeys. Their prestigious portfolio spans Auberge Resorts, Isle De France in St. Barths, to the re-development of Chicago’s Athletic Association. City of Tempe planners indicated no new entitlement cases for the site.

By:

Hadden Schifman

Managing Director

Vizzda.com