Dealmaker: Institutional Property Advisors Brokers $27M Arizona Multifamily Sale

(Eden Apartments, Tempe, Ariz.)

Institutional Property Advisors, Calabasas, Calif., sold Eden Apartments, a 112-unit multifamily asset in Tempe, Ariz., for $26.5 million, or $236,607 per unit.

IPA Executive Managing Directors Cliff David and Steve Gebing represented seller Living Well Homes, Phoenix, and procured buyer Rise48 Equity, Scottsdale, Ariz. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant and their team arranged acquisition financing.

Eden Apartments, built in 1980, includes eight two-story buildings on five acres. Apartments have a balcony or private patio and average of 808 square feet. The property sits close to Loop 101, Loop 202 and Interstate 10, providing access to Scottsdale, Chandler, Mesa, downtown and midtown Phoenix. ASU’s main campus is nearby and the McClintock Drive/Apache Boulevard Valley Metro light rail station is within one mile.

“Eden Apartments is a well-maintained asset in the highly desirable Tempe submarket south of Arizona State University, where the minimal threat of new supply will provide shelter from future multifamily development for years to come,” David said. He noted large average unit sizes, a mostly two-bedroom concentration and site density of 21 units per acre add to the asset’s appeal.