Cushman & Wakefield announced that the firm arranged the sale of Trovita Rio, a 209-unit core apartment community located in Tempe, Arizona.
Executive Managing Directors, David Fogler and Steven Nicoluzakis of Cushman & Wakefield procured the buyer on behalf of the seller in the transaction.
The buyer, Sargard Real Estate, has been strategically looking to expand their multifamily portfolio in desirable high-growth markets. Due its centralized location, large employment drivers, easy access to transportation corridors (including multiple freeways, light rail and Sky Harbor International Airport), as well as significant retail and entertainment venues, Tempe continues to be an attractive market to investors.
Built in 2019, Trovita Rio is a best-in-class 209-unit mid-rise apartment community situated directly across from Tempe Town Lake. The property features state-of-the art amenities including a rooftop entertainment deck, fitness center, community clubhouse, and EV charging stations.
“Trovita Rio is a very well-maintained property with a strong occupancy history. Tempe is one of the most appealing submarkets in Phoenix giving residents access to numerous community amenities as well as placing them within minutes from Arizona State University and Phoenix MSA’s largest employment corridor,” says Steven Nicoluzakis.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more.
