Lakefront Multifamily Community Lands New Owner
- May 27, 2016
Tempe, Ariz.—Fowler Property Acquisitions sold Nines Apartments, a 244-unit lakefront multifamily community, for over $25 million. Brandon Harrington and Matt Steffen of Walker & Dunlop in Phoenix provided the buyer, Zev Hendeles, a $19.5 million Freddie Mac loan for the purchase, according to Yardi Matrix.
The lakefront multifamily community, located at 999 E. Baseline Rd. in Tempe, Ariz., features studios, one-, two- and three-bedroom apartments within more than 200,000 square feet of space. The property’s current occupancy rate is above 95 percent, while the average monthly rent is roughly $850, as illustrated by the most recent Yardi Matrix report for the property. Cushman & Wakefield Senior Director Jim Crews and Director Brett Polachek mediated the transaction.
Common amenities include controlled access, a fitness center, a clubhouse, a swimming pool, a spa, 10 laundry facilities, a 394-space parking and high speed Internet access. Selected units include a fireplace.
The property was built in 1974 and was recently renovated, but there is room for further improvements. “The Nines represents a wonderful opportunity for the new owner to continue upgrading unit interiors as rents continue to rise in the thriving and dynamic South Tempe area,” said Jim Crews.
Zev Hendeles owns five other multifamily properties in Arizona, according to Yardi Matrix.