U.S. real estate investment firm Continental Realty Advisors, Ltd announced that it has bought Tempe Metro, a 408-unit apartment community in Tempe, Ariz for $53.5 million.
Tempe Metro Continental Realty Advisors said that it acquired the property in partnership with U.S. commercial real estate investment firm MLG Capital and is another strong addition to its growing multifamily portfolio.
The partnership has plans for extensive improvements to the community’s common areas and amenities and intends to implement a programmatic renovation program to the unit’s interiors.
U.S. commercial real estate company JLL Phoenix brokered the deal.