TEMPE, ARIZ. — Los Angeles-based GoodLife Housing Partners has completed the disposition of two apartment communities located in Tempe. Capital Allocation Partners acquired the properties for $30.5 million, or $178,363 per unit.
Both built in 1968, the properties are the 134-unit Sakara Tempe and the 36-unit Sakara Villas at Tempe. Units at the properties consist of a mix of one-, two- and three-bedroom layouts, with select units having new laminate kitchen countertops, wood-style vinyl flooring and two-tone paint with accent walls. Additionally, some units are furnished for the convenience of student tenants, as the properties are within walking distance of Arizona State University.
Community amenities at Sakara Tempe include a resort-style swimming pool with cascading water features and poolside cabanas, a fitness facility, bocce ball court and an outdoor TV lounge.
Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.