Tempe Multifamily Community Attracts $96 Million Purchase Price
The 171-unit Hudson-on-Farmer is within the tree-lined Mill Avenue District, which places it near Arizona State University and an array of nationally known retail brands. Besides the shops, the development is near the 20-acre, two million square foot Marina Heights master planned community and Hayden’s Ferry Lakeside, a mixed use development featuring office, retail and residential space. In addition, the project is near a number of employers such as Silicon Valley Bank and Microsoft.
The six-story complex was completed in 2021. The $96 million price tag translates to a unit price of $561,404. Steve Gebing and Cliff David of Institutional Property Advisors represented the seller, 8th & Farmer Owner LLC, as well as finding the buyer, Ideal Property Group.
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.