The garden-style apartment community consists of 239 and 228 units, respectively, and commanded a sale price of over $23.8 million.
Tyler Anderson, Sean Cunningham, Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the seller, Sierra Vista Apartments, LLC of Leawood, Kansas. Bert Kempfert, also with CBRE, represented the buyer, Newport Beach, Calif.-based FPA Multifamily, LLC.
“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,” said 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 onemile west of downtown Tempe, ASU and Rio Salado, an innovative 840-acre mixed-use urban project designed tomeet 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 techjobs corridor along the Loop 101 Freeway and the large and growing employment center surrounding Sky Harbor International Airport.