Private Washington-State Buyer Acquires 240-Unit Multifamily Community in Tempe, Ariz. for $75 Million

CBRE announced the sale of Sanctuary on Broadway, a 240-unit multifamily community in Tempe, Ariz., to a private Washington state-based syndicator for $75 million.

Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the buyer.

Sanctuary on Broadway, located at 1330 West Broadway Road, offers 60 percent two-bedroom floor plans that average 770 square feet. The two-building, two-story property features renovated interiors including stainless steel appliances, white-shaker style cabinetry, subway-tile backsplashes, modern bathroom vanities, and in-suite washers/dryers in select units. Common area amenities include a swimming pool, clubhouse, picnic areas with barbecues, and a fitness center.

The property is in proximity to Arizona State University, the Hardy/Broadway Revitalization Corridor, Mill Avenue, and easy access to the I-10 and I-60 Freeways.

This is the CBRE team’s second sale of a Tempe multifamily community within the last month to a Washington State-based buyer. Seattle-based Blueprint Capital purchased Farmer Avenue Lofts for $13.1 million.