American Landmark Apartments has expanded into the Arizona multifamily market with the acquisition of a 408-unit community in Tempe, Ariz. The company acquired Tempe Metro Apartments for an undisclosed price. The previous owner was Continental Realty Advisors, who acquired the community from Crow Holdings for $53.5 million in October 2018, according to Yardi Matrix data.
The new ownership has renamed the community to The Access. The community, which was built in 2010, offers studio, one-, two- and three-bedroom units that range from 485 to 1,328 square feet. The units were built with 9- to 17-foot ceilings, private balconies, walk-in closets, and full-size washer and dryers. The community’s amenities include a clubhouse, social lounge, sundeck, outdoor spa, fitness center, spin room, outdoor kitchen, rooftop basketball court, grilling stations, work areas, swimming pools and underground parking.
Located at 1811 E. Apache Blvd., The Access is roughly a mile away from State Route 101, which connects residents to Arizona’s other major cities, like Phoenix, Mesa and Scottsdale. The location is also 10 minutes away from Arizona State University, which is the city’s largest employer. According to Yardi Matrix data, the community is 95.3 percent occupied.
A New Metro
Christine DeFilippis, CIO at American Landmark, said in prepared remarks that Phoenix is one of the fastest-growing markets in the U.S., which is also seeing strong migration trends. She added in her prepared statement that the market is going to keep seeing above-average job growth while the area’s demand for high-quality apartments will continue for the long term.
The acquisition of The Access marks American Landmark’s entry into the Arizona multifamily market. The company’s portfolio spans the Sun Belt states but is heavily concentrated in growing Texas metros like Dallas-Fort Worth, Houston and San Antonio. American Landmark also has properties in Florida, Georgia, North and South Carolina, Tennessee and Virginia. Last month, American Landmark added to its Sun Belt portfolio by acquiring a 198-unit apartment community in Atlanta’s Morningside/Lenox Park neighborhood.