The buyers didn’t disclose the terms of the deal. They are, however, planning a value-add program designed to capitalize what they characterize as “significant local demand for rental housing.” Plans include enhancements to the property’s fitness center, clubhouse and pool areas, as well as interior upgrades such as new flooring, appliances, lighting, faucets and fixtures and ceiling fans.
The demand for housing in the area is being driven by economic activity in Downtown Tempe, Downtown Scottsdale and Downtown Phoenix, according to the investors. For example, multiple office and mixed-use projects nearby continue to attract business relocations and expansions.
North Tempe’s $900 million State Farm Regional Campus in the Marina Heights development, for one, will gradually be occupied by some 8,000 State Farm employees. As construction tops out on State Farm’s campus, development of two additional mixed-use projects, Liberty Center at Rio Salado and the Grand at Papago Park, are under way near Courtney Village
“CRA is particularly interested in acquiring additional properties near Courtney Village,” said CRA director of acquisitions Robert Ireland. “We’re aggressively seeking new investment opportunities throughout the Valley and look forward to growing our Phoenix portfolio.”