Continental Realty, MLG Seal $54M Deal in Phoenix

The acquisition marks the third partnership between the two companies, which are planning a major renovation of the 408-unit property in Tempe, Ariz.
Tempe Metro
Tempe Metro

A partnership between Continental Realty Advisors (CRA) and MLG Capital has acquired Tempe Metro, a 408-unit community in Tempe, Ariz. Crow Holdings sold the property for $53.5 million, after a holding period of four years. According to Yardi Matrix, HFF secured a $33.3 million loan for the acquisition, provided by Freddie Mac.

Tempe Metro is located at 1811 E. Apache Drive. Built in 2010, the community comprises 130 studios, 236 one-bedroom, 30 two-bedroom and 12 three-bedroom units, ranging from 583 to 1,199 square feet. Apartments feature 9- and 17-foot vaulted ceilings, and residents have access to an 800-space parking garage. Common-area amenities include:

  • fitness center
  • swimming pool
  • spa
  • outdoor kitchen
  • lounge
  • clubhouse

This acquisition marks the third partnership between Continental Realty Advisors and MLG Capital. The joint venture plans to implement a renovation program that will include the property’s unit interiors, amenity package and common areas. The neighboring area features a plethora of restaurants and shops, as well as transportation options to major employment hubs, theaters, schools and universities.

We are excited to partner again with MLG Capital in a growing diversified market. Tempe Metro is an outstanding transit-oriented development in a dynamic area of Tempe. The property is minutes from Arizona State University, the largest undergraduate university in the nation, surrounded by expanding corporate business centers in the pathway of future demand,” said David Snyder, president & CEO of CRA, in a prepared statement.

Image courtesy of Continental Realty Advisors