TL/DR –
The 324-unit apartment complex Parc Broadway in Tempe, Arizona, has been sold for $100 million. The property, sold by Evergreen Devco, Inc., was purchased by MG Properties. The multifamily development was the first mid-rise asset constructed in North Tempe’s Maker District and features a range of community amenities.
Tempe’s Parc Broadway Sold for $100m, Announces Institutional Property Advisors
Parc Broadway, a multifamily complex in Tempe, has been sold for a staggering $100 million, according to Institutional Property Advisors (IPA).
This sprawling 324-unit property was developed in 2023 and spans nine acres. As the first mid-rise multifamily building in North Tempe’s Maker District, Parc Broadway is a significant player in one of the city’s nine innovation hubs and an opportunity zone. This information comes from Steve Gebing, IPA’s executive managing director.
The property offers open-concept apartments featuring high ceilings, vinyl wood-style flooring, and laundry closets with built-in wood shelving. Each unit comes equipped with full-size washers and dryers and averages at 895 square feet.
Residents can also enjoy a host of community amenities such as a leasing office, clubhouse, fitness center, resort-inspired swimming pool, covered outdoor kitchen, and electric vehicle charging stations.
On the transaction front, Gebing and IPA’s executive managing director Cliff David represented the seller, Evergreen Devco, Inc. They were also responsible for procuring the buyer, MG Properties.
The move marks a significant transaction in Tempe’s real estate landscape, reinforcing the city’s profile as a vibrant hub for multifamily properties.
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