JPI announced today the sale of Jefferson Town Lake, a 244-home, 1.6-acre luxury apartment community in the Phoenix suburb of Tempe, to national multifamily company Fairfield Residential.

Tempe, located just east of Metro Phoenix, has quickly become one of the fastest-growing Class A office markets in the western United States, with Fortune 500, large financial services and Silicon Valley tech companies expanding in Tempe at an unprecedented rate and reshaping the local employment landscape.

“In this tough economy, the booming Class A office hub of Tempe offers significant promise for the future,” said Rosie Cooper, JPI’s executive vice president and Western Region managing partner. “Some of the country’s most prominent companies have a presence here, making it an attractive destination for anyone seeking new career opportunities. The region needs this best-in-class multifamily housing for current and future residents in order to support its continued economic growth.”

In addition to its proximity to corporate headquarters for companies such as State Farm Insurance, Union Bank and JP Morgan, Jefferson Town Lake also is located within walking distance of Arizona State University Tempe, which is home to the largest student body in the United States and a primary economic driver for the region. Jefferson Town Lake is one of only five multifamily communities located on the banks of Tempe Town Lake, boasting unobstructed lake views throughout the property.

Jefferson Town Lake is located at the intersection of North Scottsdale Road and East Playa Del Norte Drive and offers direct access to Loop 202, Tempe’s primary east/west transportation corridor.

Jefferson Town Lake’s unit amenities include condominium-level finishes, nine-foot ceilings, wood-style flooring, spacious balconies and gourmet kitchens featuring quartz countertops, gas stovetops, under-cabinet lighting and wine refrigerators. Community amenities include a rooftop terrace with lake views, a pool and spa deck, a state-of-the-art fitness center, an onsite convenience store kiosk, a resident clubhouse and more.