TEMPE, ARIZ. — Broadstone Lakeside LLC, an entity formed by Phoenix-based Alliance Residential and Salt Lake City-based Cottonwood Residential, has completed the sale of Lakeside Drive, a multifamily property located at 500 W. First St. in Tempe. San Diego-based Lakeside Drive Apartments LLC acquired the asset for $44.5 million.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.
Situated in downtown Tempe, the new community features 150 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 919 square feet. Each unit features gourmet kitchens with gas cooktops, Energy Star appliances, granite countertops, wood-style flooring, in-unit washers/dryers, walk-in closets and Nest thermostats, as well as 19-foot ceilings and wine refrigerators in select units. Community amenities include a clubroom with gourmet kitchen, two-story fitness center, swimming pool, spa, poolside cabanas, outdoor entertainment pavilion, rooftop lounge, outdoor fire pits, grilling areas, complimentary coffee bar, complimentary beach cruisers and garage parking.