Western Wealth Capital Buys Tempe Apartment for $117.5M
The property could be bifurcated into a potential 375-unit building and another consisting of 284 units.
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.
“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.