Parc Broadway in Tempe has been sold for $100 million, Institutional Property Advisors announced.

The 324-unit multifamily property was built in 2023 on nine acres, according to a release.

“Parc Broadway is the first mid-rise multifamily asset to be constructed in North Tempe’s Maker District, an Opportunity Zone that is one of the city’s nine innovation hubs,” Steve Gebing, IPA executive managing director, said.

The property has “open-concept apartment homes with high ceilings, vinyl wood-style flooring, laundry closets with built-in wood shelving and full-size washers and dryers,” the release stated.

The average unit size is 895 square feet. Community amenities include a leasing office, clubhouse, fitness center, resort-inspired swimming pool, covered outdoor kitchen and electric vehicle charging stations.

Gebing and IPA executive managing director Cliff David represented the seller, Evergreen Devco, Inc., and procured the buyer, MG Properties, the release stated.