Hamilton Zanze sold The Arbors at 5th Apartments at 805 W. Brown St. in Tempe, AZ. The buyer, Western Wealth Capital of Vancouver, BC in Canada, paid $21.3 million for the Class B property.
The 197-unit property was built in 1967. During its tenure, the San Francisco-based Hamilton Zanze made on-site improvements including a new leasing office, clubhouse and fitness center, as well as upgrades to 64 of the apartments.
“The Arbors at 5th offered the buyer a great value-add opportunity in the heart of the Valley’s most dynamic marketplace, Tempe,” said Cindy Cooke of Colliers International. “(The asset) provides a Class A location, with the ability to add value by renovating the interior of the units.” Cindy Cooke and Colliers’ Brad Cooke represented the seller.
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