ABI Multifamily has brokered the sale of ReNue on Orange Apartments, a garden-style apartment community in Tempe, Ariz., for $13 million. According to Yardi Matrix, the sale was also subject to a $9.3 million loan held by Freddie Mac. ABI Multifamily Senior Vice President Ryan Smith, Senior Managing Partners John Kobierowski, Alon Shnitzer and Rue Bax, along with Partners Eddie Chang and Doug Lazovick arranged the transaction.
Located at 1137 East Orange St., the 97,890-square-foot property features a mix of 52 one-bedroom and 58 two-bedroom units with pitched roofs. The new owners—MJW Investments Inc. and Tide Equities LLC—rebranded the asset as Thrive Tempe. Built between 1963 and 1968, the community was renovated in 2015 and 2016. Common-area amenities include:
- two swimming pools
- laundry facilities
- 80 parking spaces
“ReNue is located near both ASU/Downtown Tempe and the Dorsey/Apache Boulevard Light Rail stop,” said Chang in a prepared statement. “Tempe has witnessed amazing growth since 2010. First, ASU has continued its expansion and recently crested more than 100,000 students. Second, according to Phoenix-based U-Haul, Tempe was America’s No. 1 Growth City in 2017. Lastly, Tempe was recently named as the top office market in the country. Given the strong market fundamentals, the buyer—MJW Investments & Tides Equities, experienced student housing & value add investors—plans to create value through additional interior/exterior renovations in addition to increasing the bed count to the oversized units.”
Image courtesy of Yardi Matrix
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