Sanctuary on Broadway, a 240-unit community in Tempe, Ariz., changed hands for $75 million. Capital Allocation Partners sold the asset after a little over one year of ownership. The buyer, a private Washington state-based syndicator, was assisted by CBRE.
Situated on 9 acres at 1330 W. Broadway Road, the community is roughly 3 miles from downtown Tempe and 9 miles southeast of downtown Phoenix. Having easy access to Interstate 10, the property is approximately 4 miles from Phoenix Sky Harbor International Airport. Numerous dining and retail options are available in the immediate area.
Completed in 1971 and partly renovated between 2008 and 2019, the 13-building community comprises one- and two-bedroom units averaging 770 square feet. Apartment interiors feature stainless steel appliances and modern bathrooms, as well as in-suite washers and dryers in select units. Amenities include two swimming pools, a clubhouse and a fitness center, among others.
CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke brokered the deal on behalf of the buyer. Earlier this year, CBRE arranged the $59 million sale of a North Phoenix community.