Phoenix Community Commands $42M
Brass Enterprises made its first foray into the metro’s multifamily market with the acquisition of 1221 Broadway, a 194-unit garden-style property in Tempe, Ariz.
By Evelina Croitoru
JLL Capital Markets brokered the sale of 1221 Broadway, a 194-unit luxury community in Tempe, Ariz. Brass Enterprises paid almost $42 million to acquire the garden-style residential asset from CNL Growth Properties, according to Yardi Matrix.
Located at 1221 E. Broadway Road, the property offers a mix of one-, two- and three-bedroom floorplans ranging in size from 738 to 1,220 square feet. Community amenities include a business center, a clubhouse, a playground, a swimming pool with spa, a fitness center and 350 parking stalls. The property reached 96.4 percent occupancy as of May 2017, Yardi Matrix data indicates.
1221 Broadway is located within several major corporate developments as North Tempe is home to approximately 12 million square feet of office space, as well as the campus of Arizona State University. Additionally, the property is encircled by four major thoroughfares and a nearby METRO Light Rail station.
Brass’ Debut in the Phoenix Market
“This is the only traditional garden-style community between Tempe Town Lake and US Route 60 that has been built this cycle. We saw a lot of investor demand because they recognized the opportunity to buy a high-end asset that is less dense and compact than what is currently being delivered in this market. This was Brass Enterprises’ first purchase in the market, which shows the wide investor appeal Tempe’s multifamily market has,” JLL’s Executive Vice President Charles Steele, said in a prepared statement.
Images courtesy of Yardi Matrix
