Sale of multi-housing community in Arizona closes
JLL Capital Markets closed the sale of the 408-unit Tempe Metro in Tempe, Arizona
PHOENIX, August 12, 2022 – JLL Capital Markets announced today that it has closed the sale of Tempe Metro, a 408-unit, value-add, wrap-style multi-housing community in Tempe, Arizona.
JLL marketed the property on behalf of the seller, a joint venture between Continental Realty Assets and MLG Capital. A joint venture between B&R Capital and American Landmark acquired the asset.
Built in 2010, Tempe Metro offers residents expansive and well-appointed studio, one-, two- and three-bedroom floor plans averaging 650 square feet in size. Units include nine- to seventeen-foot ceilings, private balconies with city views, plush carpeting, double stainless steel sinks, full-size washers and dryers and walk-in closets. The property is luxuriously amenitized, featuring a resort-style swimming pool and spa, resident clubhouse with work areas, a fully equipped fitness center and a rooftop basketball court.
Located at 1811 East Apache Blvd., the property is situated just west of the 101 freeway on the Valley Metro light rail, allowing easy connectivity to the greater metro. The location offers convenient access to downtown Tempe and Arizona State University, as well as retail destinations like Tempe Marketplace and Mesa Riverview. The property’s southwest valley positioning is also proximate to many major employment corridors, including North Tempe, South Scottsdale, 101 Corridor and I-10 Corridor via the Loop 101 and Loop 202.
The JLL Capital Markets Investment Advisory team representing the seller was led by Managing Directors John Cunningham and Charles Steele.
“Tempe Metro represents a level of urban lifestyle that residents enjoy with direct access to a light rail station,” Cunningham said.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Continental Realty Assets
Continental Realty Assets, Ltd. ("CRA"), is a subsidiary of Continental Realty Group, a real estate investment firm dedicated to the creation of value in multifamily real estate. For more information about Continental Realty Group, please visit www.continentalrealtygroup.com.
About MLG Capital
MLG Capital is a premier outsourced investment manager in private real estate for investment advisors, family offices and high net worth individuals. Since its inception in 1987, the firm and associated entities have had active, exited, or pending investments totaling approximately 36 million square feet of total space across the United States, inclusive of more than 31,100 apartment units, with exited and estimated current value exceeding $5.1 billion. MLG Capital targets to acquire $1B in commercial real estate annually; with approximately half of those acquisitions involving strategic partners. For more information about MLG Capital, visit www.mlgcapital.com.
About B&R Capital
B&R Capital Partners is a leading Multifamily Real Estate Investment Firm focused on investments throughout the Southwestern United States. They specialize in well-located, multifamily real estate with high upside potential from value-add activities as well as newly built Core and Core Plus multifamily product with strong future cash flows.
About American Landmark
American Landmark Apartments is one of the fastest-growing multifamily owner-operators in the United States and ranks No. 33 on the National Multifamily Housing Council list of the top apartment owners in the country with approximately 34,000 apartment units in its portfolio. Based in Tampa, Florida, American Landmark specializes in the acquisition and management of value-added multifamily properties located in high-growth markets throughout the Sunbelt, including Arizona, Georgia, Florida, North Carolina, South Carolina, Tennessee, and Texas. American Landmark is committed to delivering great service and outstanding living environments to residents and delivering consistent, attractive risk-adjusted returns to investors and partners. For more information, please visit www.alapts.com.