Nuvida lands Arizona apartments

Property extensively renovated before sale

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A Southern California-based investor paid $15.5 million for a 172-unit multifamily community in Tempe, Ariz. Nuvida Ventures purchased the property, Paxton on Rural, from Residential Equity Partners at a price that represents $90,116 per unit. Located at 3409 S. Rural Road, the 148,750-square foot apartment community is situated on a 7-acre lot. The apartment community recently underwent more than $500,000 worth of capital improvements. The garden-style community features covered parking, a heated swimming pool and spa, a clubhouse with kitchen, multiple outdoor barbecues and laundry facilities. ...