Two-Property Tempe Apartment Portfolio Has New Owners

The two-property multifamily projects in Tempe include Omnia on 8th, with 188 units and the 181-unit Omnia McClintock. The combined sales price was $111.75 million, or $285,000 a unit. Newmark’s Brett Polachek and Chris Canter represented the seller, a joint venture between Avanti Residential and KKR Real Estate, in the sale to a Denver-based buyer, Jason McCool.

The properties were constructed between 1971 and 1984 and the units average about 700 square feet each. Each property is close to Tempe’s retail and restaurant offerings.

Newmark’s Polachek touts the deal, “This portfolio generated a significant amount of activity due to the prime locations of both properties. New ownership will have the opportunity to complete value-add upgrades to increase rents and capitalize on the rising rent growth the Phoenix area is experiencing.”