Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Villatree, a 150-unit apartment property in Tempe, Arizona. The asset sold for $43.1 million which equates to $287,333 per unit.
“Villatree is the foremost example of boutique, value-add multifamily real estate in the highly sought-after north Tempe submarket. The property’s landlocked position provides direct reach to the area’s numerous mixed-use developments, business services-related employment opportunities, and influx of working professionals,” said Cliff David, IPA executive managing director. David and IPA executive managing director Steve Gebing represented the seller, Western Wealth Capital and procured the buyer, Epic Investment Services.
Built in 1980 on eight acres, Villatree is located along the Loop 101/Price Freeway, close to Loop 202/Red Mountain Freeway and U.S. 60/Superstition Freeway, providing residents mobility throughout Greater Phoenix. The Valley Metro’s Price Road/Apache Boulevard light rail station is within walking distance and there are 483,200 employees within a 10-mile radius. Major employers in the area include State Farm, Bank of America, Intel, Verizon and U-Haul. Shopping and entertainment in close proximity can be found at Tempe Marketplace, Mesa Riverview and Sloan Park – Spring Training Home of the Chicago Cubs.
Villatree is a two-story, garden-style property with a mix of studio, one- and two-bedroom apartment homes with an average unit size of 815 square feet and site density of approximately 18 units per acre. Unit interiors feature dishwashers and private patios or balconies with exterior storage space. Approximately half of the apartment homes are equipped with stackable washers and dryers. Community amenities include two swimming pools, two on-site laundry facilities, a community playground, and covered parking.