JLL’s Capital Markets experts announced the firm completed the sale of 1221 Broadway a 194-unit luxury multifamily asset in Tempe, Arizona. JLL represented the sellers, Trinsic Residential Company and CNL Growth Properties. Brass Enterprises purchased the garden-style apartment community.
“This is the only traditional garden-style community between Tempe Town Lake and US Route 60 that has been built this cycle,” said Steele. “We saw a lot of investor demand because they recognized the opportunity to buy a high-end asset that is less dense and compact than what is currently being delivered in this market. This was Brass Enterprises’ first purchase in the market, which shows the wide investor appeal Tempe’s multifamily market has.”
The community is surrounded by several major corporate developments. North Tempe is home to nearly 12 million square feet of office space, along with the campus of Arizona State University, which has an enrollment of nearly 52,000 students. The property is also encircled by four major freeways and a nearby METRO Light Rail station.
Units are studio, one-, two- and three-bedroom with features such as granite countertops, tile backsplashes and stainless steel appliances. Community amenities include a fitness center, a resort-style swimming pool, two outdoor kitchens with gas grills, outdoor televisions and speaker systems, and a fireplace.
JLL Capital Markets 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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