The private investment group, represented by local attorney Dean Formanek, purchased the Lakefront Apartments, a 244-unit complex at 999 E. Baseline Rd. in Tempe. The sale price equates to $48,163 per unit.
The area near Baseline Road is an upscale Tempe neighborhood, located in the Lakes community, about three miles south of Arizona State University.
In 2000, the vacancy rate in Tempe dropped to 5.4%, from 7.5% a year before, according to a survey by Hendricks & Partners, an apartment analysis firm. Rents also went up and are now $732 a month, compared to $668 Valleywide.
The Phoenix office of CB Richard Ellis, with brokers Sean Cunningham and Tyler Anderson, negotiated the transaction.
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