Cushman & Wakefield Brokers Sale of Luxury AZ Asset
- Mar 07, 2019
Cushman & Wakefield has negotiated the sale of Lakeside Drive, a 150-unit Class A luxury community in Tempe, Ariz. An entity formed by Alliance Residential and Cottonwood Residential sold the asset for $44.5 million to a private investor, according to Yardi Matrix data. The deal was subject to a $23.7 million loan funded by Fannie Mae.
Cushman & Wakefield’s Executive Managing Directors David Fogler and Steven Nicoluzakis brokered the Lakeside Drive deal on behalf of the seller. “The buyer was attracted to Lakeside Drive because of the quality of the property and the property’s excellent location near Tempe Town Lake and Mill Avenue”, Fogler said, in prepared remarks.
Located at 500 W. 1st Street, the community is in the center of downtown Tempe, near Arizona State University, Tempe Town Lake, Tempe Center for the Arts and Mill Avenue. Completed in 2018, the asset encompasses studio, one-, two-, and three-bedroom floorplans, ranging from 624 to 1,868 square feet. Common-area amenities include clubhouse, two-story fitness center, swimming pool and spa, poolside cabanas and outdoor pavilion, rooftop lounge, outdoor fire pits, grilling areas and covered parking.
Recently, Alliance Residential also traded Stella at Riverstone, a 351-unit garden-style asset in Sugar Land, Texas. Cardone Capital acquired the property using a $42 million loan.
Image courtesy of Cushman & Wakefield
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