CBRE sells 240-unit Ravenwood Heights in Tempe for $94.5M
CBRE arranged the sale of the 240-unit multifamily community Ravenwood Heights in Tempe, Ariz. to funds managed by Oaktree Capital Management L.P. for $94.5 million.
Built in 2009, Ravenwood Heights – located at 647 W Baseline Rd – is the only for-rent community in the South Tempe submarket with 100 percent direct-access two-car garages. Each residence consists of spacious two- and three-bedroom floor plans that average 1,271 square feet.
“Ravenwood Heights is a highly differentiated community in a top-performing submarket,” said Gunter. “The community’s unique attributes and Phoenix’s strong economic fundamentals position Ravenwood Heights for continued operational success.”
Metro Phoenix led all U.S. metros in multifamily rent growth in Q2 2021 with a 15.3 percent year-over-year increase, according to CBRE research. Similarly, the South Tempe submarket outperformed the metro with annual rent growth of 16.6 percent.
“Ravenwood Heights affords us the opportunity to acquire a high-quality, purpose-built townhome for rent community with a strong amenity package in an infill location in Phoenix, which is experiencing some of the highest rent growth in the nation,” said Jared Lazarus, Managing Director at Oaktree. “As the single-family for-rent market continues to exhibit strong fundamentals, this product type is a perfect fit for our income strategy.”
Oaktree is a leader among global investment managers specializing in alternative investments, with $156 billion in assets under management as of June 30, 2021. Hudye Group is a family-owned and operated real estate and business investment entity headquartered in Scottsdale, Ariz., with a focus on real estate in high-growth markets.