AZ Community Trades for $74M

MG Properties Group used a $49.3 million Fannie Mae loan to finance the acquisition of the 379-unit garden-style property located in Tempe.
Elevate at Discovery Park. Image courtesy of MG Properties Group
Elevate at Discovery Park. Image courtesy of MG Properties Group

After recently teaming up with Blackstone Group to acquire a $96.7 million portfolio, TruAmerica Multifamily has sold Elevate at Discovery Park, a 379-unit community in Tempe, Ariz. MG Properties Group purchased the asset for $73.7 million, according to Yardi Matrix data. The sale was subject to a $49.3 million loan held by Fannie Mae. The asset was 97.6 percent occupied at the time of the sale.

Located at 1820 E. Bell De Mar Drive, Elevate at Discovery Park is within 7 miles of downtown Tempe. The property has immediate access to the Loop 101 Freeway, connecting residents to South Scottsdale and Chandler. There are several retail and dining venues within walking distance.

Completed in three phases in 1984, 1987 and 1991, the garden-style community consists of one-, two- and three-bedroom floorplans averaging 953 square feet. Common-area amenities include a swimming pool, a spa and 500 parking spaces.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, with financing arranged by Brian Eisendrath and Cameron Chalfant, also from CBRE.