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Western Wealth Cuts $117.5M Deal with Bridge for Tempe MF
Canadian investor Western Wealth Capital acquired Onnix Apartments, a 659-unit multifamily property in Tempe for $117,500,000. The seller was Salt Lake City-based Bridge Investment Group Partners. The 1997-built community sits on nearly 30 acres at 1500 E. Broadway Rd.
The property includes studios, one- and two-bedroom units that have been recently updated. Amenities include a tennis court, two clubhouses, four pools, adult sports courts, a virtual yoga studio, dog park and 1,340 parking spaces. The community is student, pet, and family-friendly, and located near Arizona State University, Tempe Marketplace, and the Mill Avenue Corridor.
IPA Arizona’s Cliff David and Steve Gebing handled the transaction. Prudential Real Estate provided $79,275,000 in new debt. The property was previously broken out as individual condominiums.
David says, “Onnix’s low-density construction gives it the flexibility to be bifurcated into a potential 375-unit Onnix West and an Onnix East of 284 units.”
For comments, questions or concerns, please contact Dennis Kaiser
*Photo courtesy Bridge Investment Group
- ◦Financing
- ◦Sale/Acquisition

