A 194-unit Tempe apartment complex near Broadway and Rural roads was recently sold for $41.81 million to Toronto-based Brass Enterprises.
Trinsic Residential Company and CNL Growth Properties, which were both represented by JLL Executive Vice Presidents John Cunningham and Charles Steele, sold the complex, Aura at Broadway. The complex is located at 1221 E. Broadway Rd., in Tempe.
“This is the only traditional garden-style community between Tempe Town Lake and US Route 60 that has been built this cycle,” said Steele. “We saw a lot of investor demand because they recognized the opportunity to buy a high-end asset that is less dense and compact than what is currently being delivered in this market. This was Brass Enterprises’ first purchase in the market, which shows the wide investor appeal Tempe’s multifamily market has.”
The community is surrounded by several major corporate developments. North Tempe is home to nearly 12 million square feet of office space, along with the campus of Arizona State University, which has an enrollment of nearly 52,000 students. The property is also encircled by four major freeways and a nearby METRO Light Rail station.
Units are studio, one-, two- and three-bedroom with features such as granite countertops, tile backsplashes and stainless steel appliances. Community amenities include a fitness center, a resort-style swimming pool, two outdoor kitchens with gas grills, outdoor televisions and speaker systems, and a fireplace.