The Nines

Cushman & Wakefield Negotiates Sale of Desirable Lakefront Property

PHOENIX, March 24, 2016 – Cushman & Wakefield announced today the $25.13 million sale of The Nines Apartments, on behalf of owner FPA Multifamily, LLC of San Francisco. The buyer acquired the property with a $19.522 million dollar loan provided by Brandon Harrington and Matt Steffen of Walker & Dunlop in Phoenix.

Located at 999 E. Baseline Rd. in Tempe, Ariz., the 244-unit apartment complex contains 203,560 square feet of space and is currently 95% occupied. Built in 1974, the project is situated near the corner of Baseline Road and S. Rural Road.  Recently renovated, The Nines Apartments offers a distinctive lakefront location and a unique living experience for residents.

Cushman & Wakefield Senior Director Jim Crews and Director Brett Polachek successfully negotiated the sale.

“The Nines represents a wonderful opportunity for the new owner to continue upgrading unit interiors as rents continue to rise in the thriving and dynamic South Tempe area,” said Crews.

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 43,000 employees in more than 60 countries help 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 $5 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.