TEMPE, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Haven (top left photo), a 660-unit apartment community in Tempe.
The sales price of $46,500,000 equates to $70,455 per unit and $93 per square foot.
Cliff David (middle right photo) and Steve Gebing (middle left photo), multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Petra Capital Management. The buyer was AG-ICC Haven Owner LLC.
“Haven is located near Arizona State University’s main campus, which provides access to a deep resident pool,” says David. “Arizona State University is the nation’s largest public university with approximately 59,794 undergraduate and graduate students enrolled for the 2011 fall semester, in addition to nearly 12,000 faculty and staff members.”
“Tempe offers one of the most diverse business communities in the country, and is the top city in the region for the density of technology companies with more than 20 percent of its employment base classified as high-tech,” adds Gebing.
The property, located at 1440 East Broadway Road, was developed by Lincoln Property Co. in 1984 and underwent a programmatic renovation in 2006-2007 that included condominium-quality finishes in approximately 57 percent of the apartment interiors as well as extensive renovation to the exterior of the property.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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