Suburban Phoenix Community Sells for $43M

Barings originated a seven-year, $30.5 million Freddie Mac loan for the acquisition in Tempe.
Sanctuary on Broadway

Capital Allocation Partners has finalized the $42.8 million acquisition of Sanctuary on Broadway, a 240-unit community in Tempe, Ariz. Laguna Point Properties sold the asset, according to Yardi Matrix. The new owner financed the purchase with a seven-year, $30.5 million Freddie Mac loan originated by Barings.

The property previously changed hands almost four years ago, when Western Wealth Capital sold it for $25.7 million. HFF provided a $19.3 million CMBS loan from Citibank for that purchase, the same data provider shows.

Located on 9 acres at 1330 W. Broadway Road, the community encompasses 13 buildings completed in 1971. The unit mix features one- and two-bedroom floorplans with sizes between 630 and 914 square feet. Between 2008 and 2019, the property underwent three partial renovations. The seller has remodeled the property’s leasing office, business center and fitness studio. The amenity package also includes two swimming pools, two laundry facilities, a dog park, bike storage and a basketball court.

The ABI Multifamily team that assisted both parties in the transaction included Rue Bax, Royce Munroe, John Kobierowski, Alon Shnitzer, Doug Lazovick and Eddie Chang. Last month, the same brokers facilitated the $24.3 million sale of Pointe Vista Apartments, a 160-unit residential asset in Phoenix.