Cushman & Wakefield of Arizona, Inc. has completed the $15 million sale of the Versante Apartments, located at 1330 W. Broadway Rd. in Tempe.
The apartment building was constructed in 1971 and contains 240 apartment units totaling 184,752 square feet. The property currently boasts 94 percent occupancy.
Gelt, Inc., of Tarzana, Calif., purchased the property from Principal Real Estate Investors, one of the largest institutional real estate managers in the United States.
“This sale is representative of a recent trend with older properties,” says Jim Crews, Senior Director with Cushman & Wakefield. “Investors seeking excellent returns and better locations are able to purchase great infill properties such as Versante. After a few modest interior improvements, this asset will provide residents and Gelt with an appealing apartment building in an outstanding location.”
Crews and Brett Polachek of Cushman & Wakefield successfully marketed the property for sale and procured the buyer.