Western Wealth Capital has acquired a 659-unit multifamily property in Tempe, Ariz., for $117.5 million or $178,300 per unit. Bridge Investment Group was the seller and the deal was brokered by Institutional Property Advisors' Steve Gebing and Cliff David. IPA is a division of Marcus & Millichap.
The property, called the Onnix, is close to 18 employment corridors as well as Tempe's mixed-use developments, Gebing noted in prepared remarks.
Constructed in 1984 on 30 acres, the property is also close to Arizona State University, Tempe Marketplace, and the Mill Avenue and Novus Innovation corridors.
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"Onnix's low-density construction gives it the flexibility to be bifurcated into a potential 375-unit Onnix West and an Onnix East of 284 units," David said.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
