July 20, 2018
Willow Creek, a 402-unit value-add multifamily asset in Tempe, AZ, sold for $60.5 million, which equates to $150,498 per unit. JB Partners acquired the asset from Acacia Capital.
Constructed in 1984, the property is about one mile from the Valley Metro’s Loop 101/Apache Boulevard light rail station, and is near Tempe Marketplace and Mesa Riverview. The well-manicured community covers nearly 18 acres, with three swimming pools and a recently refreshed clubhouse.
Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
David says, “The property is a prime candidate for interior renovations, as the large majority of unit interiors feature original finishes. The property’s meticulous campus setting and the asking rents for newly-constructed core assets in Tempe, that are reported to be hundreds of dollars more per month than Willow Creek, combine to make a very compelling value proposition.”
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