JLL Capital Markets announced that it has closed the sale of Tempe Metro, a 408-unit, value-add, wrap-style multihousing community in Tempe, Arizona.
JLL marketed the property on behalf of the seller, a joint venture between Continental Realty Assets and MLG Capital. A joint venture between B&R Capital and American Landmark acquired the asset.
Built in 2010, Tempe Metro offers residents expansive and well-appointed studio, one-, two- and three-bedroom floor plans averaging 650 square feet in size. Units include nine- to seventeen-foot ceilings, private balconies with city views, plush carpeting, double stainless steel sinks, full-size washers and dryers and walk-in closets. The property is luxuriously amenitized, featuring a resort-style swimming pool and spa, resident clubhouse with work areas, a fully equipped fitness center and a rooftop basketball court.
Located at 1811 East Apache Blvd., the property is situated just west of the 101 freeway on the Valley Metro light rail, allowing easy connectivity to the greater metro. The location offers convenient access to downtown Tempe and Arizona State University, as well as retail destinations like Tempe Marketplace and Mesa Riverview. The property’s southwest valley positioning is also proximate to many major employment corridors, including North Tempe, South Scottsdale, 101 Corridor and I-10 Corridor via the Loop 101 and Loop 202.
The JLL Capital Markets Investment Advisory team representing the seller was led by Managing Directors John Cunningham and Charles Steele.
“Tempe Metro represents a level of urban lifestyle that residents enjoy with direct access to a light rail station,” Cunningham said.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
