Phoenix-based Evergreen Devco Inc. sold a recently built Tempe project to MG Properties for $100.25 million dollars. That comes out to just over $300,000 a unit. Evergreen Devco finished the 324-unit project in 2022.
The property already is 96% leased. Units range from 632 to 1,262 square feet, with monthly rents between $1,700 and $2,600.
Formerly called Parc Broadway, the 711 W. Broadway Road apartment community has been re-branded to Novo Broadway Apartments.
The Phoenix Business Journal reports with this acquisition, MG Properties now owns 12 properties totaling 4,990 units in metro Phoenix.
Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented Evergreen Devco in the transaction. Financing for the transaction was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant, both also with IPA.
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.