Distressed Multifamily Asset in Tempe, AZ Listed at $54.2 Million

TEMPE, AZ – Marcus & Millichap Real Estate Investment Services has been retained as the exclusive advisor for the disposition of Haven (top left photo), a 660-unit apartment community in Tempe. Offered at a list price of $54,225,000, the property will be sold free and clear of any existing debt and can be purchased on an all-cash basis.

Cliff David and Steve Gebing, multifamily investment specialists in Marcus & Millichap’s Phoenix office, have been retained to market the property on behalf of the seller, Petra Mortgage Capital Corporation.

 “Haven is a great opportunity to acquire a real estate-owned asset with significant operational economies of scale,” says David. “The sheer size and scope of the project is unlike most acquisitions in terms of the potential leveraged investment and scale of the value-add component.”

“Haven is situated near the main campus of the largest public university in the nation, Arizona State University (ASU), which has approximately 55,000 undergraduate and graduate students,” adds David.

Located at 1440 East Broadway Road in Tempe, Haven was developed by Lincoln Property Company in 1984 and renovated in 2006 and 2007. Approximately 57 percent of the interiors were upgraded to include condominium-quality finishes and contemporary appointments such as stainless-steel appliances, granite countertops and maple cabinetry.

 The property offers five distinct floor plans comprised of studio, one- and two-bedroom apartment homes.

“Haven features approximately 43 percent ‘Classic’ units, which provide new ownership with the opportunity to reposition these units with an estimated $5,000 per unit investment that will potentially generate approximately $100 per unit in monthly rent premiums,” adds Gebing.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716