REBusinessOnline

JV Sells Ovation at Tempe Apartment Community for $36M

TEMPE, ARIZ. — A joint venture between Passco Cos. and InSite Property Ventures has sold the 270-unit Ovation at Tempe to an undisclosed buyer for $36 million. The community is located at 4502-4505 S. Hardy Drive in Tempe.

The JV initially acquired the asset for $25.8 million in 2014. Rents in metro Phoenix have increased by 5.6 percent over this past year alone, according to the sellers.

The JV implemented a series of interior and exterior improvements to the apartment community during its ownership. This included upgrading unit interiors, constructing additional carports, and enhancing the property’s exterior and community amenities.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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