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New Ownership

Cushman & Wakefield announce sale of Tempe apartment community

Posted 11/18/24

Cushman & Wakefield announced Oct. 7 that it arranged the sale of Trovita Rio, a 209-unit core apartment community located in Tempe. 

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New Ownership

Cushman & Wakefield announce sale of Tempe apartment community

Posted

Cushman & Wakefield announced Oct. 7 that it arranged the sale of Trovita Rio, a 209-unit core apartment community located in Tempe. 

Executive Managing Directors, David Fogler and Steven Nicoluzakis of Cushman & Wakefield procured the buyer on behalf of the seller in the transaction, a press release explained. The buyer, Sargard Real Estate, had been strategically looking to expand their multi-family portfolio in desirable high-growth markets.

Due its centralized location, large employment drivers, easy access to transportation corridors as well as significant retail and entertainment venues, Tempe continues to be an attractive market to investors, the release stated.

Built in 2019, Trovita Rio is a 209-unit mid-rise apartment community situated directly across from Tempe Town Lake. The property features amenities including a rooftop entertainment deck, fitness center, community clubhouse and EV charging stations.

Steven Nicoluzakis said in the release that Trovita Rio is a well maintained property that has a strong occupancy history.

“Tempe is one of the most appealing submarkets in Phoenix giving residents access to numerous community amenities as well as placing them within minutes from Arizona State University and Phoenix MSA’s largest employment corridor," Nicoluzakis said.

Cushman & Wakefield, Trovita Rio, apartment community, sale

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