TODAY’S DEALS: Diversified International, Alliance Residential Buy a Tempe Asset
Transwestern brokers a 84-unit sale in Tempe; and CBRE/New England arranges a $21.5 million sale in Boston.
Tempe, Ariz.—A joint venture between Diversified International Partners and Alliance Residential has acquired Dorsey Place, an 84-unit condo-style apartment building on East University Drive in Tempe, Ariz. Transwestern represented the sellers, Stratford Partners and Pathfinder Partners, in the $15 million transaction.
The 2007-built asset is located less than a mile from Arizona State University. Units include granite countertops and stainless steel appliances. Amenities include underground parking, a heated swimming pool and a resident clubhouse. Alliance and Diversified have plans to reposition the property by converting vacant first-floor retail into additional livable units, adding a fitness center, and renovating the existing common area amenities.
“With State Farm currently building 2 million square feet of office space on nearby Tempe Town Lake, there is growing demand for multifamily residential units here,” says Jack Hannum, vice president at Transwestern. “So in terms of timing, this is a win-win for the Dorsey Place buyers and sellers, as well as the City of Tempe.”
Hannum worked alongside Transwestern’s Bret Zinn, vice president, and John Drowns, financial analyst, in closing the deal.
CBRE/New England Sells a Boston Apartment for $21.5M
Boston—CBRE/New England’s Capital Markets team has closed the sale of Harrison Court Apartments, a 71-unit asset located in Boston. Alumni Capital Partners sold the property to an undisclosed buyer for $21.5 million. CBRE/NE’s Simon Butler, executive vice president and partner, and Biria St. John, executive vice president and partner, exclusively represented the seller, a venture between RF Walsh Company and Kenney Development, and procured the buyer.
“We are pleased to have facilitated this transaction on behalf of the seller,” says St. John. “Harrison Court comes on the heels of the recent sale of James Court to the same buyer and represents an outstanding value-add play as the buyer, with the assistance of Fulton Properties, plans to upgrade the existing 60 apartments and convert approximately 10,000 square feet of office space to 11 additional apartments and community space.”
The buyer has retained Fulton Properties, a subsidiary of Kenney Development Inc., to oversee the redevelopment and repositioning of the asset as well as continue the leasing and management of this property.