Newly-Completed Arizona Multifamily Trades for $96M

TEMPE, AZ –  An entity formed by the Los Angeles-based, Decron Properties has acquired a newly-developed, 276-unit, class A apartment community in Tempe, AZ for $96.2 million.

The multifamily asset, titled Broadstone Rio Salado, was acquired from the property’s original developer, Phoenix-based, Alliance Residential Co. Phoenix Capital Holdings served as Alliance Residential’s joint-venture equity partner in the development.

Located at 2325 E. Rio Salado Pkwy, the newly-constructed asset was completed in 2020.

The community encompasses 28 studio units, 144 one-bedroom units and 104 two-bedroom units. The property features elevator access, a resort-style pool and spa with cabanas, outdoor courtyards with grilling areas, an outdoor lounge with a fireplace and television, a clubroom with a demonstration kitchen and coffee bar, a wi-fi lounge, a billiards table and a two-level, state-of-the-art fitness center with virtual training.

Cushman & Wakefield’s multifamily advisory group’s David Fogler and Steven Nicoluzakis represented the seller in brokering the transaction.

“The relatively low density of Broadstone Rio Salado combined with the high level of interior finishes and top-of-the-market amenities has created a truly unique asset in a dynamic urban environment,” states David Fogler, executive managing director at Cushman & Wakefield.

Fogler adds, “Tempe is widely regarded as one of the Phoenix area’s most dynamic submarkets and Broadstone Rio Salado is well-positioned to take advantage of its exceptional location at the intersection of the 101 and 202 freeways. It is also proximate to some of the region’s largest employers and near an abundance of shopping, dining and entertainment amenities and Arizona State University within just a few miles.”