Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of La Serena, a 160-unit multifamily asset in Tempe, Arizona.
“Located in South Tempe, where limited multifamily inventory and extreme barriers to entry persist, La Serena is enhanced by over 22 years of continuous family ownership and operation,” said Cliff David, IPA executive managing director. “Steadfast asset preservation and attractive physical attributes make this property a true rarity, combined with largely original apartment interiors.”
“Together, these aspects provide the foundation for a prime renovation strategy without the necessity to allocate much capital for deferred maintenance,” added Darrell Moffitt, Marcus & Millichap senior vice president. David, Moffitt and IPA executive managing director Steve Gebing and Marcus & Millichap senior vice president Paul Bay represented the private seller, and procured the buyer, Rise48 Equity.
Easily accessible from Interstate 10, the property’s location near U.S. 60/Superstition Freeway and Loop 101/Price Freeway places residents within reach of employment corridors throughout Tempe, Chandler, Mesa, and Greater Phoenix. There are over 859,000 professionals and 26,600 businesses within an approximate 30-minute commute. Major area employers include Intel, State Farm, JPMorgan Chase, Wells Fargo, and Amazon. Shopping and entertainment are nearby at Arizona Mills and Chandler Fashion Center. Arizona State University’s main campus and Phoenix Sky Harbor International Airport are also within a short drive.
La Serena was constructed by Mark-Taylor in 1988 on over seven acres. The 20-building asset has meticulously maintained courtyards, a swimming pool and spa, fitness center, shaded barbecue grilling stations, and covered parking. Apartment interiors feature full-size, side-by-side washers and dryers, walk-in closets with mirrored doors, and private patios or balconies with exterior storage space. Select two-bedroom units have fireplaces. The average unit size is 825 square feet.
