X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TEMPE, AZ-An investment group from Lake Oswego, OR has taken title to La Quinta Apartments, beating out three other prospective buyers with a $9.6-million bid for its first acquisition in the Valley. BNB Partners LLC acquired the 172-unit, class B complex from La Quinta Apartments LP of Montecito, CA.

“The property has a superior location in Tempe,” Cliff David, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office, says about the 3409 S. Rural Rd. development. “And, it’s a well-maintained property with a lower density than most apartment communities. Those three things were the major attractions.”

David, teaming with Marcus & Millichap’s Ric Holway, tells GlobeSt.com that BNB Partners stood out as the best buyer because of pricing and terms, specifically a short due-diligence period.

“They saw La Quinta Apartments as a great opportunity to enter this marketplace with a stable investment,” David says. The 92%-leased La Quinta Apartments sits on 7.2 acres at the hard corner of Rural Road and Southern Avenue, one of the busiest intersections in the area.

The 33-year-old complex has 12 studio units, 70 one-bedroom, 89 two-bedroom and a single three-bedroom unit, ranging from 750 sf to 1,250 sf. Rents go from $580 to $875 per month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.