CBRE arranged the sale of Vela, a 290-unit Class A multifamily community, located on the north bank of Tempe Towne Lake at 555 N. College Ave. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, Houston-based Transwestern Development Co. (TDC®). Los Angeles-based Pacific Development Partners, purchased the property.
“Vela has broad resident appeal and is perfectly positioned to capitalize on a growing high-end renter demographic in Tempe. The community offers condominium quality interior finishes, top-of-the-market amenities and a high-profile location characterized by robust Fortune 500 employment growth,” said CBRE’s Anderson.
Built in 2016, Vela is a luxury multifamily community built in two contemporary three and five-story buildings with elevator service, air-conditioned interior corridors and structured above ground parking. Studio, one- and two-bedroom floor plans have gourmet kitchens equipped with quartz countertops, tiled backsplashes and stainless steel GE appliances. All residences have vinyl wood plank flooring, full-size washers/dryers, walk-in closets and private patios/balconies. On-site amenities include a modern clubhouse, state-of-the-art fitness center, turf gaming areas, resort-style heated pool and spa, and complimentary use of paddle boards, kayaks and bicycles.
Located just north of Arizona State University along Tempe Towne Lake, the community offers immediate access to Downtown Tempe, Old Town Scottsdale and the East Valley cities via the Loop 202 freeway. The community also benefits from proximity to Tempe’s rapidly expanding employment market. Large corporate expansions in Tempe including State Farm, Union Bank and Willis Towers Watson continue to drive demand for multifamily housing along Tempe Towne Lake.