Phoenix-Area Community Commands $96M

Hudson on Farmer. Image courtesy of Institutional Property Advisors Ideal Capital Group has acquired Hudson…

Hudson on Farmer. Image courtesy of Institutional Property Advisors

Ideal Capital Group has acquired Hudson on Farmer, a 171-unit community in Tempe, Ariz. Marcus & Millichap’s Institutional Property Advisors represented the seller and procured the buyer. The previous owner was Urban Development Partners, according to Yardi Matrix data. The property traded for $96 million, or $561,404 per unit.

Completed in 2021, the six-story building offers units equipped with washers and dryers, walk-in closets and private balconies. Common-area amenities include a swimming pool, spa, fitness center, bike parking room, resident lounge, conference room and workspace, as well as outdoor spaces such as a courtyard, a dining area, a fire pit and barbeque grills.

Located in downtown Tempe, the community is 9 miles east of downtown Phoenix and approximately 4 miles from Phoenix Sky Harbor International Airport. The property is close to Arizona State University and cultural destinations in the surrounding area include the ASU Art Museum and the Tempe Center For The Arts. Retail and dining options are available in the immediate area, with a Whole Foods Market nearby.

Recently, IPA also brokered a deal for a 240-unit community in Scottsdale, Ariz., which traded for $145 million.

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