CBRE announced the sale of the 523-unit multifamily community ‘Ten01 on the Lake’ in Tempe, Ariz. to Oxford Properties Group for an undisclosed amount. This is the company’s first purchase in the Greater Phoenix area.
Built in 2007, ‘Ten01 on the Lake’ is a premier mid-rise community with an irreplaceable location on Tempe Town Lake. The community features a two-story health club, spin studio, three pool areas with spas and cabanas, rooftop sky lounge and six-story structured parking garage. Individual residences feature nine-foot ceilings, fully equipped kitchens with glass front cabinets and full-size washer/dryers. Select units have floor-to-ceiling windows, bamboo flooring, gas stove tops and gas fireplaces.
“’Ten01 on the Lake’ has the most lake frontage of any apartments on Tempe Town Lake and is an iconic mid-rise community,” said Gunter. “The seller’s extensive upgrades to common-area amenities and the building exterior elevated the community and were well-received by investors.”
‘Ten01 on the Lake,’ at 1001 E Playa del Norte Dr, is located on the north shore of Tempe Town Lake at the intersection of N. Scottsdale Road and Loop 202. Residents have direct access to Downtown Tempe, Tempe Beach Park, the Mill Avenue Entertainment District and Arizona State University.
“The acquisition of Ten01 on the Lake is indicative of Oxford’s appetite to expand its footprint into the Phoenix market,” said Jeff Turkanis, Head of U.S. Residential at Oxford. “We believe Phoenix, driven by favorable demographic trends and healthy employment and income growth expectations, will be one of the stronger performing metro areas across the country.”
Oxford owns and manages more than 13,000 apartments globally, including significant holdings in Canada and Europe. Oxford currently has a near-term development pipeline of 2,700 units across North America and will look to add supply that helps address the shortage of professionally managed rental apartments in growing cities. Oxford’s U.S. multifamily portfolio includes more than 2,500 units including assets recently acquired in Seattle and Atlanta to complement its existing holdings in Boston, Washington DC and New York.