Rise48 Equity Pays $27M for Phoenix-Area Asset

Acquisition financing was provided by Bridge Investment Group.

Eden Apartments

Living Well Homes, a subsidiary of Sheiner Group, has sold Eden Apartments, a 112-unit multifamily community in Tempe, Ariz., for $26.5 million. The buyer, Rise48 Equity, financed the acquisition with a $19.2 million loan originated by Bridge Investment Group, according to Yardi Matrix data.

The same source shows that the asset last traded in 2015, when Sheiner purchased it for $9.3 million. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and secured the financing.

Built in 1980, the community incorporates eight two-story buildings encompassing one- and two-bedroom units ranging from 680 to 870 square feet. All apartments have washer and dryer hookups, with select floorplans featuring fireplaces. Common-area amenities include a clubhouse, tennis court, spa, swimming pool and fitness center, along with 262 parking spaces.

A convenient Tempe location

Located at 2045 S. McClintock Drive, Eden Apartments is close to State Route 101, which provides connectivity to Highway 60 and Interstate 10. The property is roughly 4 miles from downtown Tempe and 14 miles from Phoenix. Numerous dining and retail options are within walking distance of the community.

IPA’s Executive Managing Directors Cliff David and Steve Gebing represented the seller in the transaction and procured the buyer, while Senior Managing Director Cameron Chalfant along with Executive Managing Director Brian Eisendrath led the team that secured the financing. In a prepared statement, David remarked the advantages of the Tempe submarket, citing minimal threat of new supply. Last year, David and Gebing facilitated the $260 million sale of a Scottsdale asset, which marked the largest single-asset multifamily sale in Arizona history.

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