The company purchased for $12.5 million the Arpeggio RentalCondominiums, a 156-unit development not far from Arizona StateUniversity. The seller was SKN Development of San Francisco.

Little development has occurred in land-short Tempe in recentyears, pushing vacancy rates lower and multifamily values higher.Tempe is popular with renters because of its central location andits close proximity to the ASU campus.

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Multifamily
Phoenix