IDEAL Capital has acquired the Hudson on Farmer apartments in Tempe, Arizona. Photo contributed

Clovis-based IDEAL Capital group announced the acquisition of Hudson on Farmer in Tempe, Arizona. The $96 million asset represents the firm’s second acquisition in the metro since 2021, according to a news release.

The property features 171 units of newly constructed apartments with an additional 4,500 square feet of retail space on the ground floor with direct access to University Drive. In addition to being within walking distance to Arizona State University, the nation’s largest public university, Hudson on Farmer is located next door to the only Whole Foods in the entire city of Tempe.

Built in 2021, Hudson on Farmer features studio, one- and two-bedroom units with keyless entry, quartz countertops, tiled backsplashes, LED backlit mirrors and Nest thermostats in every unit. Community amenities include a second-story resident lounge equipped with workspaces and a large conference room, resort-style heated swimming pool, a luxury fitness center, yoga studio and a bike parking room with repair station.

“Tempe continues to prove itself to be a desirable, highly-educated, and attractive metro,” says Kevin Conway, IDEAL managing Director. “With thousands of jobs flowing to the area, close proximity to the Phoenix Sky Harbor International Airport, and the economic momentum from the University, Tempe is poised for continued growth and sustained demand from employers and residents alike.”

IDEAL plans to own and operate Hudson on Farmer on behalf of its investors for the long-term, optimizing steady, passive cash flow during the hold period.

Institutional Property Advisor’s Steve Gebing and Cliff David represented both the seller and IDEAL.