Timber Lake Apartments In Tempe Sell For $13.4 Million
25 Jul, 2007, Tempe, AZ
The Timber Lake Apartments at 2045 E. Broadway Rd. have sold for $13,400,000.
The property, which was built in 1972, features 180 units totaling approximately 155,386 square feet. National Voluntary Health Facilities II, Inc. of Scottsdale sold the complex to San Diego-based Fairfield Timberlake LLC.
“The buyer of this property recognizes a great deal of upside potential in this very well located Tempe property,” says Jim Crews, director of Cushman & Wakefield of Arizona, Inc. “The new owner plans to modernize the common areas and unit interiors, positioning the property for future success in the dynamic university environment.”
Crews and Todd Braun of Cushman & Wakefield’s Southwest Apartment Group (www.apartments.cushwake.com/Phoenix) represented the seller in the transaction. The buyer was self-represented.
Cushman & Wakefield is the world’s preeminent privately held real estate services firm. Founded in 1917, the firm has 195 offices in 55 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.
Contact: Robin Vitols (602) 957-8844