Cushman & Wakefield of Arizona, Inc. negotiated the $27.35 million sale of Mill Pointe and 201 West, a pair of multifamily properties in Tempe, Ariz., located at 4130 S. Mill Ave. and 201 W. Hermosa Dr., respectively.
Mill Pointe was built in 1980 and contains 22 buildings and 218 units. 201 West was built in 1973 and contains 16 buildings and 223 units. The properties are a combined 346,476 square feet and were 94 percent occupied at the time of the sale.
Bank of America Community Development in Dallas sold the properties to Gelt Inc. of Los Angeles. The sale price brought $62,018 per unit, which equates to $78.94 per square foot.
“This strategic acquisition gives the buyer the opportunity to acquire an asset with strong existing cash flow and rental upside in a great, long-term location at value significantly below replacement cost,” said Jim Crews with Cushman & Wakefield.
Crews and Brett Polachek of Cushman & Wakefield negotiated the transaction.