A 100-unit Tempe apartment complex, Parkside Apartments, was sold to a California-based firm for $9 million, according to Cushman & Wakefield.
The apartment complex is located near Broadway Road and Priest Drive at 1801 S. Cutler Dr. In Tempe and was sold by Clear Sky Capital Parkside to Devistar II Properties LLC.
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented Phoenix-based Clear Sky Capital Parkside. Rick Horst of Keller Williams Arizona Realty represented Devistar II Properties LLC.
Built in 1962, Parkside Apartments offers studio, one- and two-bedroom floor plans with an average unit size of 683 square feet.
Spanning 7.2 acres, the single-story community features large courtyards, oasis style swimming pool, clubhouse, barbecue grills, coffee bar, new fitness center and on-site laundry. With great value-add potential, the property is in close proximity to major valley freeways, Arizona State University, Tempe Town Lake and Mill Avenue.