Bridge Investment Sells Phoenix Apartments for $118M

The new owner received a 10-year, $79.3 million Freddie Mac acquisition loan from Prudential Financial.
Onnix. Image courtesy of Institutional Property Advisors

Bridge Investment Group has completed the $117.5 million disposition of Onnix, a 659-unit community in Tempe, Ariz., to Western Wealth Capital. Prudential Financial originated a 10-year, $79.3 million Freddie Mac loan for the purchase, according to Yardi Matrix data. 

The asset previously changed hands in 2017, when Interwest Capital sold it for $77.1 million. Citibank provided a seven-year, $57.8 million acquisition loan to Bridge at the time.

Located on 30 acres at 1440 E. Broadway Road, the community encompasses 35 two-story buildings completed in 1984. The unit mix has studio apartments as well as one- and two-bedroom floorplans, with sizes from 443 to 941 square feet. The amenity package includes four resort-style pools, two spas, four laundry facilities, volleyball, basketball and tennis courts and a fitness center.

The property is within 3 miles of Arizona State University’s campus and 11 miles southeast of downtown Phoenix. Major employers present in the area include Opendoor, State Farm and Silicon Valley Bank.

Institutional Property Advisors negotiated on behalf of the seller and sourced the buyer. The team included Executive Managing Directors Steve Gebing and Cliff David.

Tempe has seen a noticeable amount of investment activity this year, even as transaction volume has fallen at the national level. The IPA team noted that, year-to-date, more than $750 million in deals have closed in this submarket alone. Near the start of October, Gebing and David represented the seller in a nearly $100 million disposition of a 415-unit community 6 miles southwest of Onnix.