Cushman & Wakefield Negotiates Sale of 186-Unit Apartment Community

PHOENIX, Oct. 11, 2017 – Cushman & Wakefield completed the sale of Tempe Vista, a 186-unit apartment community located at 2045 E. Broadway Road in Tempe, Ariz., to Denver-based Capital Real Estate LLC for $20.5 million.

Brett Polachek from the Cushman & Wakefield Phoenix office represented the seller, Phoenix-based 2045 Broadway Communities, LP.

Tempe Vista is a garden-style, 20-building community totaling 160,453 square feet and includes a clubhouse, community coffee bar, cyber café with Wi-Fi, workout facility, dog park and two swimming pools. Built in 1972, and fully renovated in 2008, the community offers one- and two-bedroom floor plans with an average unit size of 863 square feet. Each unit features a fully equipped kitchen with energy efficient appliances, modern light fixtures and hardware, spacious closets and private balconies/patios.

“The buyer plans to invest additional money into both the interior and exterior of the property to take advantage of the robust tenant demand in Tempe,” said Brett Polachek.

Located in North Tempe, one of Arizona’s most thriving submarkets, the property is in close proximity to major employers, big box retailers, educational institutions, recreational opportunities and the METRO Light Rail. Near the Loop 202, Loop 101, I-10, and US 60 Freeways, the property provides easy access to downtown Tempe and Metro Phoenix.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.