472-UNIT MULTIFAMILY PROPERTY FETCHES $20.25 MILLION

TEMPE, ARIZ. — Los Angeles-based Stonecraft Homes Inc. has acquired Villagio, a 472-unit apartment community in Tempe, for $20.25 million. Located at 1133 W. Baseline Rd., the property consists of 49 one-, two- and three-story garden-style rental buildings. Exterior and interior capital improvements were recently completed to 259 units in the property. Renovations included cabinet re-facing, fresh paint, hardwood-style and carpeted flooring, all electric kitchen with black appliances, new washers/dryers in select units, re-surfacing of the parking lots, clubhouse upgrades, landscaping and model upgrades. The seller was Delaware-based Villagio CAT LLC and San Francisco-based CAPMARK VII-CRE Ltd. Mark Forrester and Art Wadlund of Hendricks & Partners brokered the sale.