PHOENIX—Newport Beach-based FPA Multifamily, LLC purchased for more than $23.8 million Sierra Vista I and II, located at 710 and 615 S. Hardy Dr. in Tempe, from Sierra Vista Apartments, LLC of Leawood, Kansas. The garden-style apartment community consists of 239 and 228 units, respectively.
Tyler Anderson, Sean Cunningham, Brian Smuckler and Jeff Seaman with CBRE's Phoenix office represented the seller. Bert Kempfert, also with CBRE, represented the buyer.
“Sierra Vista I and II offer a unique opportunity in an irreplaceable north Tempe location. The Tempe submarket is one of the most vibrant in the metropolitan area and will only continue to grow in the 21st century,” says CBRE's Smuckler. “This 18-acre property has the potential to be redeveloped as a new core-plus multifamily community, capitalizing on not only the student population of ASU, but the numerous nearby mixed-use development projects currently underway.”
Sierra Vista I and II are both less than one mile west of downtown Tempe, ASU and Rio Salado, an innovative 840-acre mixed-use urban project designed to meet the recreational, environmental and economic needs of the Tempe community. The property benefits from proximity to the industrial parks north and east of US 60 in west Tempe, as well as to the high tech jobs corridor along the Loop 101 Freeway and the large and growing employment center surrounding Sky Harbor International Airport.
Built in 1975 Sierra Vista I is located on University Drive in Tempe. The property is situated on approximately 9.04 acres. Community amenities include two large swimming pools, sport court, handball court, leasing office, two on-site laundry facilities, secured access gates, picnic areas with charcoal barbecues and an internet café with coffee bar.
Sierra Vista II, which was built in 1971, is located on 7th Street just east of Hardy Drive in Tempe. The property sits on approximately 8.96 acres. Community amenities include a large swimming pool, 24-hour fitness center, two on-site laundry facilities, picnic areas with charcoal barbecues and access to all the amenities at Sierra Vista I.
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