Cushman & Wakefield, a global leader in commercial real estate services, announced today the $34.6 million sale of The Huntington Apartments on behalf of owner Gelt Inc., dba Gelt Mill Holdings LLC of Tarzana, CA.
Jim Crews and Brett Polachek with Cushman & Wakefield’s Southwest Multifamily Advisory Group successfully negotiated the sale to Abacus Capital Group LLC, dba AMFP III Huntington LLC of New York, NY.
Located at 4130 S. Mill Ave. in Tempe, AZ, the complex was constructed in 1973 and 1980 and features 442 apartment units totaling 347,460 square feet ($99.58 PSF). The property, which includes 37 buildings, is 96% occupied. It was built in two phases and previously operated as two separate properties.
“This asset features a desirable mix of studio, one- and two-bedroom units averaging 786 square feet and provides an opportunity for strategic interior upgrades,” Mr. Crews said. “It is conveniently located in the high-demand north Tempe submarket and is less than three miles from Arizona State University on Mill Avenue.”
Numerous commercial developments in the Southeast Valley are increasing demand for multifamily projects in the Tempe submarket. According to the REIS Report, vacancy ended 2Q 2015 at just 3% in North Tempe. Metro Phoenix’s average vacancy rate for the same period was 4.3%.