Fairfield Residential has acquired the 244-unit Jefferson Town Lake in Tempe, Ariz., from JPI. Yardi Matrix data shows the seller developed the luxury property using a $36.9 million construction loan from Fifth Third Bank. The new owner will rebrand the property as Norte Town Lake Apartments.
Located at 909 E. Playa Del Norte Drive, the asset is within walking distance of Arizona State University Tempe, which is home to the largest student body in the country. Additionally, the property is within an 8-mile range of the corporate headquarters of State Farm Insurance, Union Bank and JP Morgan, with downtown Phoenix being some 12 miles west. Jefferson Town Lake is one of only five communities to offer unobstructed lake views throughout the property of the Tempe Town Lake.
Completed in 2019 on a 1.6-acre site, the property comprises studio, one-, two- and penthouse apartments ranging from 469 to 1,193 square feet. Common-area amenities at the six- and seven-story building includes a rooftop terrace with lake views, a pool and spa deck, state-of-the-art fitness center, on-site convenience store kiosk and resident clubhouse.
At the beginning of the year, JPI sold the newly completed Jefferson Landmark in Dallas. The 324-unit property is just off the Dallas North Tollway.