Sargard Real Estate Acquires 209-Unit Trovita Rio Community In Tempe For $73.3M

The property asset involved in the transaction is the Trovita Rio community, a 209-unit multifamily complex located at 701 West Rio Salado Parkway in Tempe, AZ. The sale price for the property was $73,300,000. The mid-rise asset is currently 92.8% occupied and includes amenities such as a rooftop deck and fitness center, adding to its appeal in the market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $73,300,000
• Units: 209
• Price Per Unit: $350,718
• Buyer: Sargard Real Estate
• Brokers: David Fogler & Steven Nicoluzakis - Cushman & Wakefield
• Management Company: Avenue5 Residential

Key individuals in this transaction include Sargard Real Estate as the buyer, as well as brokers David Fogler and Steven Nicoluzakis of Cushman & Wakefield who facilitated the deal. The collaboration among these professionals contributed to the successful acquisition of the property.