CRA Acquires 408-Unit Tempe Metro Apartments for $53.5M – Tempe, AZ
TEMPE, Ariz., Nov. 16, 2018 (GLOBE NEWSWIRE) — Continental Realty Advisors, Ltd., a Denver-based national multifamily investment and management firm, in partnership with Milwaukee-based MLG Capital, announced today the $53.5 million acquisition of Tempe Metro, a 408-unit apartment community in Tempe, AZ.
“We are excited to partner again with MLG Capital in a growing diversified market,” said David Snyder, president and CEO of Continental Realty Advisors. “Tempe Metro is an outstanding TOD property in a dynamic area of Tempe. The property is minutes from ASU, the largest undergraduate university in the nation, surrounded by expanding corporate business centers in the pathway of future demand. Tempe Metro is another strong Phoenix acquisition and addition to our growing multifamily portfolio.”
Completed in 2010, Tempe Metro features studios, one-, two- and three-bedroom apartment homes with 9’ or 17’ vaulted ceilings. The four-story, elevator-served community also contains an 800-space structured parking garage. Amenities include a state-of-the-art fitness center, pool, spa, outdoor kitchen, resident lounge, clubhouse and leasing center. The partnership has plans for extensive improvements to the community’s common areas and amenities, and intends to implement a programmatic renovation program to the unit’s interiors.
Tempe Metro is located on the McClintock/Apache Boulevard ValleyMetro light rail stop, a five-minute ride to Arizona State University’s Tempe campus, an eight-minute ride to Mill Avenue, Downtown Tempe and State Farm’s new Marina Heights Tempe Campus, and under a 30-minute ride to the Sky Harbor International Airport. Large-scale office developments and future employment centers within five miles from the property include The Grand at Papago Park, Liberty Center at Rio Salado and the future IDEA Tempe Biomedical Campus. Recently announced corporate expansions in Tempe include State Farm, JPMorgan, Freedom Financial and ADP.
“MLG Capital is pleased to enter into our third partnership with the CRA team,” said Andy Bruce, executive vice president of MLG Capital. “Adding this property in desirable Tempe Arizona will provide geographic diversification for our fund investors.”
About Continental Realty Advisors
Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multi-family segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next several years. CRA is currently acquiring multi-family assets on a nationwide basis. For more information on the company’s market focus and acquisition criteria, please visit www.continentalrealtyadvisors.com.
About MLG Capital
MLG Capital offers real estate investment services to accredited institutional or individual investors. Founded on the principle of minimizing client and partner wealth, MLG Capital looks to generate superior investor returns through the meticulous execution of real estate investment strategies. Our strong market knowledge has allowed us to build a presence in Wisconsin, Florida, Minnesota and Texas. Our portfolio consists of real estate investments in shopping centers, office buildings, multifamily complexes, retail and industrial properties as well as mixed-use land developments. Our demonstrated history of success has earned us a strong reputation and following of satisfied investors. For more information, please visit mlgcapital.com.