A 402-unit Tempe apartment complex has sold for $60.5 million, or $150,498 per unit, according to a release.
Willow Creek, built in 1984, Willow Creek is about one mile from Loop 101/Apache Boulevard light rail station and one-half mile from the intersection of the Price Freeway and Broadway Road, according to the release from Institutional Property Advisors (IPA), a division of Marcus & Millichap.
Tempe apartment complex a prime candidate for renovations
“The property is a prime candidate for interior renovations as the large majority of unit interiors feature original finishes,” Cliff David, Marcus & Millichap senior managing director, said in the release.
“The property’s meticulous campus setting and the asking rents for newly constructed core assets in Tempe, that are reported to be hundreds of dollars more per month than Willow Creek, combine to make a very compelling value proposition.”
David, and Steve Gebing, IPA senior managing director, represented the seller, Acacia Capital, and procured the buyer, JB Partners.
The complex is only two miles from the 1.3-million-square-foot Tempe Marketplace and Mesa Riverview, a 1.3 million-square-foot outdoor shopping center is four miles away.
Arizona State University, Arizona State University Research Park and the Discovery Business Campus are also nearby.
Willow Creek is an impeccably manicured community covering nearly 18 acres with three swimming pools and a recently refreshed clubhouse, according to the release.
David, and Steve Gebing, IPA senior managing director, represented the seller, Acacia Capital, and procured the buyer, JB Partners.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
