Cushman & Wakefield announced the $9 million sale of Parkside Apartments, located at 1801 South Cutler Drive in Tempe. The 100-unit apartment community was purchased by California-based Devistar II Properties, LLC for $90,800 per unit.
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, Clear Sky Capital Parkside LP of Phoenix. Rick Horst of Keller Williams Arizona Realty represented the buyer.
Built in 1962, Parkside Apartments offers studio, one- and two-bedroom floor plans with an average unit size of 683 square feet. Spanning 7.2 acres, the single-story community features large courtyards, oasis style swimming pool, clubhouse, barbecue grills, coffee bar, new fitness center and on-site laundry. With great value-add potential, the property is in close proximity to major valley freeways, Arizona State University, Tempe Town Lake and Mill Avenue.