The Nines was purchased with help from a $19.522 million dollar loan. (Photo courtesy of Cushman & Wakefield)
Cushman & Wakefield negotiates sale of Tempe lakefront property
Cushman & Wakefield negotiated the $25.13 million sale of The Nines Apartments, on behalf of owner FPA Multifamily, LLC of San Francisco.
The buyer acquired the property with a $19.522 million dollar loan provided by Brandon Harrington and Matt Steffen of Walker & Dunlop in Phoenix.
Located at 999 E. Baseline Rd. in Tempe, Ariz., the 244-unit apartment complex contains 203,560 square-feet of space and is currently 95 percent occupied. Built in 1974, the project is situated near the corner of Baseline Road and S. Rural Road. Recently renovated, The Nines Apartments offers a distinctive lakefront location and a unique living experience for residents.
Cushman & Wakefield Senior Director Jim Crews and Director Brett Polachek successfully negotiated the sale.
“The Nines represents a wonderful opportunity for the new owner to continue upgrading unit interiors as rents continue to rise in the thriving and dynamic South Tempe area,” Crews said.