The Standard Apartments in Tempe, was purchased by real estate investment firm 29th Street Capital, which plans to invest $1.8 million in renovations for the complex.
The 227-unit complex is located at 616 S. Hardy Dr., in Tempe, and will receive upgrades to its interiors and the exterior by 29th Street Capital.
This is the seventh acquisition by the investment firm in the Phoenix market in the past two years.
Interior upgrades will include new black appliances, flooring throughout, backsplashes, resurfaced counters in kitchens and baths, two-tone paint, as well as new light fixtures and hardware.
The apartment complex is located less than a mile away from ASU campus.
“The Standard Apartments allows us to grow our presence in the Phoenix market while simultaneously acquiring a strong property in a popular submarket that continues to experience positive population and job growth,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix, Las Vegas and San Diego.
The sale price of the community was not disclosed by 29th Street Capital.
