TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hudson on Farmer, an apartment community in downtown Tempe. Ideal Capital Group purchased the property from 8th & Farmer Owner LLC for $96 million, or $561,404 per unit.
Completed in 2021, Hudson on Farmer features 171 apartments with full-size washers/dryers, walk-in showers and private balconies. Community amenities include a heated swimming pool, spa and second-story resident lounge with social space, a conference room and workspaces.
The landscaped courtyard offers a covered outdoor dining area, barbecue grills, a firepit, desert vegetation and misting systems. The property also features a fitness center, bike parking room and electric vehicle charging stations.
Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.