Classic Villatree Multifamily Community Trades in Tempe
The 1980-era, 150-unit Villatree apartment property shows no signs of aging. The asset was bought by Western Wealth Management in 2018 for $17.35 million and recently sold for $43.1 million. “Villatree is the foremost example of boutique, value-add multifamily real estate in the highly sought-after north Tempe submarket,” said Cliff David, from Institutional Property Investors, who represented the seller, and procured the buyer, Epic investment Services. The sales price equates to $287,333 per unit.
Built on eight acres, Villatree is a two-story, garden-style property with a mix of studio, one- and two-bedroom apartment homes with an average unit size of 815 square feet and site density of approximately 18 units per acre. Unit interiors feature dishwashers and private patios or balconies with exterior storage space. Approximately half of the apartment homes are equipped with stackable washers and dryers. Community amenities include two swimming pools, two on-site laundry facilities, a community playground, and covered parking.
It’s situated along the Loop 101/Price Freeway within walking distance of a new light-rail station.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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