Situated on 26 acres at 3730 S. Mill Ave., the 95%-occupied complex is within two miles of Arizona State University. The unit interiors recently underwent a multimillion-dollar renovation. "It's very well maintained and in a good location in Tempe," says Jim Crews, a director with Cushman & Wakefield of Arizona Inc. who partnered with Todd Braun and Brett Polachek to broker the transaction.
Crews tells GlobeSt.com that Saddle Club Apartments received more than a dozen qualified offers during its 30-day run on the market. "We had national interest, but Bethany Group emerged as the best buyer because of pricing, transaction risk and ability to perform," he says.
Saddle Club Apartments is a mix of 63 studios, each 427 sf; 204 one-bedroom units, 768 sf; 247 two-bedroom apartments ranging from 897 sf to 944 sf; and a lone 1,296-sf, three-bedroom unit. Monthly rents range from $560 to $980.
According to Crews, Bethany Group plans to invest additional capital to improve the buildings' exteriors. "This group is very focused on curb appeal," he says.
Though there's no word if it's exiting the metro, Aspen Square, which has several properties on the market, did sell the 282-unit, class A Polo Club at 3319 University Dr. in Mesa in April for nearly $20 million to the Certe Group of San Diego. Also up for grabs are the 348-unit Avalon Hills at 3535 W. Tierra Buena Lane in the central corridor, listed for $20 million, and 106-unit Biltmore Palms at 2526 E. Indian School Rd. near the Camelback Corridor, tagged at $6.9 million.
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