Denver Group Pays $20M for Apartments Near ASU

Capital Real Estate LLC of Denver struck a deal with PEM Real Estate Group for ownership rights of the 188-unit Foxfire Apartments, near the campus of Arizona State University (ASU) in Tempe. The Scottsdale seller ended up with $19.6 million, while the buyer has a property situated east of ASU’s main campus and near the Metro light rail.

Foxfire, at 1701 E. 8th St., was built in the mid-1980s. Rue Bax, Alon Shnitzer, John Kobierowski, Eddie Chang and Doug Lazovick with ABI Multifamily brokerage negotiated the sale. According to Shnitzer, the lead broker in the sale, the property was a value-add opportunity for the new owner through interior upgrades. “The seller owned the property for almost 10 years, and left the property in excellent shape with little to no deferred maintenance,” he added.

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