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Phoenix Growth Prospects Allow Intercontinental to Expand its Presence
Intercontinental Real Estate Corporation recently acquired Garden Grove Apartments, a 376-unit garden-style apartment complex in Tempe for $126 million. The acquisition marks Intercontinental’s fifth acquisition in Phoenix.
Garden Grove Apartments is located at 900 W. Grove Pkwy. in the South Tempe neighborhood, 13 miles southeast of downtown Phoenix and five miles south of Arizona State University’s main campus. The community’s one- and two-bedroom units are in 20 two- and three-story walk-up apartment buildings on a low-density 14-acre site.
Intercontinental intends to infuse fresh capital into the property, renovating unit interiors, and improving exterior and common areas to enhance the community’s competitive position in the marketplace.
“Phoenix has exhibited strong job and population growth trends. The combination of the property’s intrinsic qualities and Phoenix’s projected future growth prospects make Garden Grove an attractive opportunity to expand Intercontinental’s presence in the market,” said Jessica Levin, Intercontinental’s senior director, acquisitions.
- ◦Sale/Acquisition
