Mid-1980s Multifamily Asset Trades Hands in Tempe
TEMPE, Ariz., Sept. 12, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Flagstone Apartment Homes, a 376-unit multifamily asset in Tempe, Arizona.
“The diverse and ever-expanding employment landscape, along with the lifestyle conveniences surrounding the Flagstone property, create an ideal environment for rental housing,” says Cliff David, Marcus & Millichap senior managing director. “For new ownership, upward pressure on rental rates in Tempe, combined with the strategic capital expenditures completed by the seller, make the community an ideal target for renovation.”
David, and Steve Gebing, IPA senior managing director, represented the seller, RedHill Realty Investors LP and its joint-venture partner. David and Gebing also procured the buyer, Greystar.
Built on just under 18 acres in 1985, Flagstone Apartment Homes is situated along U.S. Route 60 and bounded by Interstate 10 and Loop 10. There are 11 commerce cores within a 10-mile radius of the property. These include the Tempe Industrial Area, Arizona State University Research Park and Discovery Business Campus, West Chandler Corridor, Downtown Phoenix and the Central Avenue Office Corridor. Arizona Mills Mall, a 1.2 million-square-foot super regional mall is nearby, and Phoenix Sky Harbor International Airport is less than 10 minutes away. The 248,912-net-rentable-square-foot asset is composed of studio, one- and two-bedroom apartments.