Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the sale of Parkside Apartment Homes, a 100 unit multi-family community located at 1801 East Cutler Drive in Tempe, Ariz. Clear Sky EBH, LLC (Clear Sky Capital, Marcus Kurschat) purchased the property from Northstreet Associates, LLC (KC Venture Group, Paul Fingerish) for $5.95 million, $59,500 per unit.
Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction.
“The purchase of Parkside marks the 14th acquisition in Arizona for Clear Sky Capital since 2011, making them one of the most active buyers in our market,” Mr. Fogler said.
Built in 1962, Parkside is located near the intersection of Broadway Road and Priest Drive in Tempe. The property offers one- and two-bedroom units ranging in size from 610 to 910 square feet. The community includes a clubhouse, a resort style pool, all single story units, park-like grounds and is less than two miles from Mill Avenue and Arizona State University.