Transwestern Development Co. (TDC) today announces it has sold Vela, a 290-unit luxury multifamily community at 555 N. College Ave. in Tempe, Arizona, to Los Angeles-based Pacific Development Partners. TDC Executive Vice President Ty Puckett and Vice President Josh Delk led the development team.
“We are pleased to see this state-of-the-art community come full circle and trade to a credit investor,” said Delk. “The lake-front views gave this property a unique offering to attract young professionals seeking an amenity-rich lifestyle near major employment and retail hubs.”
Vela is adjacent to the Tempe Town Lake marina and directly across from the new regional headquarters of State Farm and Sun Devil Stadium, the football stadium for Arizona State University. In addition to 500 feet of south-facing frontage along the lake, the community includes a resort-style pool with luxury cabanas; state-of-the-art fitness center including touch screen cardio equipment and free weights; indoor lounge space overlooking the lake with a catering kitchen, fireplace seating area and television viewing area; activity courtyard complete with moveable movie projector, gaming area, fire pits and grilling area; indoor bike storage; and outdoor covered lounge with kitchen, grilling areas, pool table and television viewing area.
With two buildings ranging from three to five floors, Vela wraps around a structured parking garage. In addition to stainless steel, Energy Star appliances, each unit has quartz countertops, gourmet prep islands, custom wood cabinets, full-size washer and dryer connections, floating vanities and private balconies.
Financing for the project was provided by Bank of the Ozarks and Cornerstone Real Estate Advisers LLC. The project was designed by Wilder Belshaw Architects and Davis Architects. The general contractor and civil engineer were MT Builders Cos. and Hilgart Wilson LLC, respectively. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch represented the seller, a partnership between TDC and FL Lakeside Investor LLC, in the transaction.
ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Based in Houston, Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 35 U.S. offices and a real estate investment management company.