Tempe - JPMorgan Chase & Co. has paid $84.7 million for a luxury apartment complex near the future light-rail line in Tempe. The sale is the latest in a string of high-dollar apartment transactions in the Valley. Trillium Rio Salado is a 466-unit mid-rise complex at 1033 N. Parkside Drive. It is near Mill Avenue and downtown Tempe.
"This is a trophy property, and it's in a . . . great location," said David Dewar, a principal with Trillium Residential LLC, which built the 3-year-old complex.
The occupancy rate for Trillium Rio Salado is in the mid-90 percent range; Sares-Regis Group is managing the property for JPMorgan Chase.
The complex includes studio, one-, two- and three-bedroom floor plans ranging from 813 square feet to 1,498 square feet. Monthly rents start at $920 and go above $1,700.
The property will continue operating as an apartment complex per the terms of a land lease agreement under which Trillium built the property.
Trillium Rio Salado is one of six apartment properties that Tempe-based Trillium residential has for sale, including ones that are currently under construction. None of the other five have been sold.
Dewar said Trillium has plans to build 2,000 new units this year in the Valley and an additional 2,500 units annually during the following three years.
Brokers Sean Cunningham, Tyler Anderson and Jack Hannum in the Phoenix office of CB Richard Ellis negotiated the sale of the property.
Source: The Arizona Republic