Cushman & Wakefield completed the sale of Lakeside Drive, located at 500 W. 1st Street in Tempe, Ariz. San Diego-based Lakeside Drive Apartments, LLC, purchased the property from Broadstone Lakeside, LLC, an entity formed by Phoenix-based Alliance Residential and Cottonwood Residential located in Salt Lake City, for $44.5 million.
Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.
Lakeside Drive is a brand new 150-unit Class A, luxury rental community located in the center of Downtown Tempe. The community, conveniently located near ASU, Tempe Town Lake, Tempe Center for the Arts, and Mill Avenue, also features a clubroom with gourmet kitchen, two-story state-of-the-art fitness center, swimming pool and spa, poolside cabanas and outdoor entertainment pavilion, rooftop lounge, outdoor fire pits and grilling areas, complimentary coffee bar, complimentary beach cruisers, and garage parking.
The community offers a mix of studio, one-, two-, and three-bedroom floor plans at an average size of 919 square feet; the community also offers penthouse options. Each apartment features gourmet kitchens with gas cooktops, energy star appliances, granite countertops, wood-style flooring, front-load washer/dryers in units, walk-in closets, nest thermostats, 19-foot ceilings in select units and wine refrigerators in select units.
“The buyer was attracted to Lakeside Drive because of the quality of the property and the property’s excellent location near Tempe Town Lake and Mill Avenue,” said Fogler.