Cushman & Wakefield announced today the $25.13 million sale of The Nines Apartments, on behalf of owner FPA Multifamily, LLC of San Francisco. The buyer acquired the property with a $19.522 million loan provided by Brandon Harrington and Matt Steffen of Walker & Dunlop in Phoenix.
Located at 999 E. Baseline Rd. in Tempe, Ariz., the 244-unit apartment complex contains 203,560 square feet of space and is currently 95% occupied. Built in 1974, the project is situated near the corner of Baseline Road and S. Rural Road. Recently renovated, The Nines Apartments offers a distinctive lakefront location and a unique living experience for residents.
Cushman & Wakefield Senior Director Jim Crews and Director Brett Polachek successfully negotiated the sale.
“The Nines represents a wonderful opportunity for the new owner to continue upgrading unit interiors as rents continue to rise in the thriving and dynamic South Tempe area,” said Crews.