The 110-unit ReNUE on Orange apartments, located at 1137 E. Orange St. in Tempe, Arizona sold for $13,000,000 ($118,182/unit).
California-based MJW Investments, a company formed by Mark Weinstein, purchased the 110-unit property. The privately-held MJW Investments, owner and manager of $700 + million in real estate assets, also buys conventional apartments and other property types. Weinstein says the company plans to make significant improvements to ReNUE on Orange. California-based Tides Equities LLC (Sean Kia, Ryan Andrade, principals) will assist in managing the asset and has a minority ownership interest.
The HSK Team – Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International in Phoenix represented the seller. Seville Garden Apartments, LLLP, an entity formed by ReNUE Properties out of Scottsdale, Arizona was the seller. ReNUE Properties is a real estate investment firm specializing in the acquisition and rejuvenation of under-preforming, multi-family properties. Their strategy is restoring distressed properties into thriving communities.
“The buyer plans on continuing the interior upgrade program already initiated by the owner,” says Koskovich. “Within close proximity to Arizona State University, they will capitalize on increasing student housing demand from one of the largest undergrad student populations in the country.”
ReNUE on Orange consists of 5 buildings with 97,890 square feet of space situated on 2.81 acres. The community is a blend of 47% 1-bedroom units and 53% 2-bedroom units. Newly renovated units include new wood style flooring, stainless steel appliances, new countertops, brushed nickel hardware, new light fixtures, and paint.
The community is located on the south side of Orange Street just south of University Drive. In the desirable Tempe submarket, the property is less than two miles from Downtown Tempe which contains many employment opportunities, dining options, and recreational amenities. Mill Avenue District, Sun Devil Soccer Stadium, Tempe Town Lake, and Tempe Market Place are all within minutes from the property. Nearby employers include State Farm, Chase Bank, Insight, and Wells Fargo.