Continental Realty, MLG Capital Partnership Acquire Tempe Multifamily
Completed in 2010, Tempe Metro features studios, one-, two- and three-bedroom apartment units with nine-foot or 17-foot vaulted ceilings.
TEMPE, AZ—A partnership of Denver-based Continental Realty Advisors, Ltd. and MLG Capital have acquired the 408-unit Tempe Metro apartment community here in a deal valued at $53.5 million.
Completed in 2010, Tempe Metro features studios, one-, two- and three-bedroom apartment units with nine-foot or 17-foot vaulted ceilings.
“We are excited to partner again with MLG Capital in a growing diversified market,” says David Snyder, president and CEO of Continental Realty Advisors. “Tempe Metro is an outstanding TOD property in a dynamic area of Tempe. The property is minutes from ASU, the largest undergraduate university in the nation, surrounded by expanding corporate business centers in the pathway of future demand. Tempe Metro is another strong Phoenix acquisition and addition to our growing multifamily portfolio.”
The four-story, elevator-served community also contains an 800-space structured parking garage. Property amenities include a fitness center, pool, spa, outdoor kitchen, resident lounge, clubhouse and leasing center. The Continental-MLG Capital partnership plans for extensive improvements to the community’s common areas and amenities, and intends to implement a programmatic renovation program to the unit’s interiors. The companies did not divulge the projected cost of the capital upgrades at the property.
“MLG Capital is pleased to enter into our third partnership with the CRA team,” said Andy Bruce, executive vice president of MLG Capital, which is based in Milwaukee. “Adding this property in desirable Tempe Arizona will provide geographic diversification for our fund investors.”
John Cunningham and Charles Steele of JLL Phoenix brokered the deal, and Josh Simon of HFF Denver and Brad Miner of HFF Phoenix originated the acquisition loan.
Tempe Metro is located on the McClintock/Apache Boulevard ValleyMetro light rail stop, a five-minute ride to Arizona State University’s Tempe campus, an eight-minute ride to Mill Avenue, Downtown Tempe and State Farm’s new Marina Heights Tempe Campus, and under a 30-minute ride to Sky Harbor International Airport.
Large-scale office developments and future employment centers within five miles from the property include The Grand at Papago Park, Liberty Center at Rio Salado and the future IDEA Tempe Biomedical Campus. Recently announced corporate expansions in Tempe include State Farm, JPMorgan, Freedom Financial and ADP.