A seller’s extensive upgrades to common-area amenities and the building exterior elevated Ten01 on the Lake in Tempe. In fact, those improvements were so well received that it led to a recent acquisition.
The 523-unit multifamily community was purchased by Oxford Properties Group for an undisclosed purchase price. This is the company’s first purchase in the Greater Phoenix area.
“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, healthy employment and income growth expectations, will be one of the stronger performing metro areas across the country.”
Built in 2007, Ten01 on the Lake is a mid-rise community on the north shore of Tempe Town Lake. It is located at the intersection of North Scottsdale Road and Loop 202 at 1001 E Playa del Norte Dr.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, a global real estate investment manager.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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