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.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
We've updated our terms of use.Read them here×