July 13, 2017 Comments Off on Canadian Investor Enters Tempe Market Views: 804 Arizona, National News, Southwest

Canadian Investor Enters Tempe Market

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Toronto-based Brass Enterprises acquired 1221 Broadway, a 194-unit luxury multifamily asset built in 2016 in Tempe, AZ, from Trinsic Residential Company and CNL Growth Properties for nearly $42 million. It was the Canadian investment firm’s first purchase in the market.

Units are configured in studio, one, two and three-bedroom layouts 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, outdoor televisions and speaker systems, and a fireplace.

JLL’s John Cunningham and Charles Steele led the sales team.

“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.”

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