ORION Multifamily Group closing on the 214-unit Class A apartment project in Tempe – City Scape at Lakeshore – for $22.65M.
The buyer, Fairfield Residential Company LLC, is among the most experienced multi-family real estate operating companies in the U.S.
“We are pleased to help Fairfield continue their re-entry into the Arizona market. This sale marks Fairfield’s second major acquisition in Tempe in the last 60 days. In late August, Fairfield purchased the 408-unit Tempe Groves apartments for just under $40 million” said Rue Bax, Senior Vice President at ORION.
“This acquisition fit the buyer’s profile nicely as it is a mid-90’s built, core asset with a history of high occupancy due to its close proximity to Arizona State University.”
City Scape at Lakeshore is a 214-unit multi-family property built in 1995, located in the the heart of Tempe. The property is a mix of 1-bedroom, 2-bedroom /2-bathroom, and 3- bedroom/2-bathroom units. The property has access to US 60 and Loop 101.
The seller was a private company based in Arizona who was motivated to dispose of Cityscape in order to free-up equity to acquire other apartment complexes in Texas and Arizona.
Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang, and Doug Lazovick of ORION Investment Real Estate in Scottsdale negotiated the transaction. This is the sixth transaction the last 2 weeks negotiated by the ORION Multifamily Group.