High Street, PGIM Unload Tempe Apartments for $341K/Unit

A partnership made up of Trammell Crow subsidiary, High Street Residential (HSR), and PGIM Real Estate has sold Smith & Rio, a 310-unit apartment complex in Tempe, for $106 million.

CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller.

Completed by HSR in 2023, Smith & Rio’s amenities include a rooftop deck with panoramic views and a resident clubhouse with a palette of refined finishes, gaming tables, fireplace and seating areas. A central courtyard features a pool deck with a spa, barbecue pavilion and fire features. Additional amenities include a 24-hour fitness center, co-working offices, pet spa, and another outdoor courtyard with a dog park and yoga lawn.

Trammell Crow Company was named the top development firm in the country in 2024 for the 11th consecutive year, delivering nearly 64 million square feet of development projects from 2021 through 2023. High Street Residential was named the #3 multifamily development firm in the U.S., completing 6,523 multifamily units between 2021 and 2023.