JV Buys Phoenix-Area Community for $77M

FCP and Tides Equities purchased the 515-unit property a few miles from downtown Tempe.
Solara at Mill Avenue. Image courtesy of FCP

A joint venture of FCP and Tides Equities has acquired Solara at Mill Avenue, a 515-unit community in Tempe, Ariz., for $77 million. According to Yardi Matrix, the asset last traded in 2016, for $47.5 million, when BH Equities purchased the property from Holland Partners.

Built in 1969, the community comprises studio, one-, two- and three-bedroom units, with new cabinets, quartz countertops and wood-style flooring. Common-area amenities include a clubhouse, dog park, fire pit, swimming pool and package concierge. The property also has 600 parking spaces.

The 31-building property is located on a 25-acre site at 3730 S. Mill Ave., 2 miles from Interstate 10. The surrounding area has several retail and dining options, including Danelle Plaza, which is within walking distance of the asset. Solara is also 10 miles from Phoenix Sky Harbor International Airport and 3 miles from downtown Tempe.

Executive Vice President Matt Pesch of CBRE brokered the sale. Recently, CBRE arranged a 10-year, $43 million loan for the acquisition of AV8, a 129-unit community in San Diego. An affiliate of R&V Management purchased the asset for $70.1 million.