CBRE announced the sale of the 523-unit multifamily community Ten01 on the Lake adjacent to Tempe Towne Lake to Oxford Properties Group for an undisclosed amount.
Built in 2007, Ten01 on the Lake is a premier mid-rise community a part of the iconic Tempe Town Lake site.
The community features a two-story health club, spin studio, three pool areas with spas and cabanas, rooftop sky lounge, and a six-story structured parking garage. Individual residences feature nine-foot ceilings, fully equipped kitchens with glass front cabinets, and full-size washer/dryers, according to a press release.
Select units have floor-to-ceiling windows, bamboo flooring, gas stovetops, and gas fireplaces.
‘Ten01 on the Lake’ is at 1001 E. Playa del Norte Drive on the north shore of Tempe Town Lake at the intersection of Scottsdale Road and Loop 202.
“The acquisition of Ten01 on the Lake is indicative of Oxford’s appetite to expand its footprint into the Phoenix market,” said Jeff Turkanis, Head of U.S. Residential at Oxford. “We believe Phoenix, driven by favorable demographic trends and healthy employment and income growth expectations, will be one of the stronger performing metro areas across the country.”
Oxford owns and manages more than 13,000 apartments globally, including significant holdings in Canada and Europe, the release states. Oxford reportedly has a near-term development pipeline of 2,700 units across North America and will look to add supply that helps address the shortage of professionally managed rental apartments in growing cities.
Oxford’s U.S. multifamily portfolio includes more than 2,500 units including assets recently acquired in Seattle and Atlanta to complement its existing holdings in Boston, Washington DC and New York.