The Hyve apartments in Tempe, Arizona, have been purchased by Clovis-based IDEAL Capital Group for $84.5 million. Photos via www.mark-taylor.com
Written by The Business Journal Staff
Clovis-based real estate investment firm IDEAL Capital Group announced the acquisition of a $84.5 million Tempe, Arizona apartment complex.
IDEAL focuses on acquiring, managing and developing multifamily housing in California on behalf of institutional and private equity investors.
The Hyve, located at 1260 E. University Dr., features 296 one, two, and three-bedroom apartments. Community amenities include a resort-style swimming pool and spa, rooftop terrace, professional dog washing station, and a designer resident clubhouse and cybercafe.
“The Hyve is a tremendously well-positioned asset in the rapidly growing Phoenix submarket of Tempe,” said Kevin Conway, director of acquisitions at IDEAL Capital Group. “With its outstanding location and proximity to Downtown Tempe and Arizona State University, our investors recognized the opportunity for consistent, long term success.”
It’s also located adjacent to the Novus Innovation Corridor, a mega complex of office and retail, multifamily, hotel and entertainment spaces.
Tempe boasts an explosive job market and robust population growth. It’s home to State Farm, JP Morgan Chase and Microsoft. Rent growth has increased by more than 24% over the last five years.
“The Hyve is one of the most unique acquisitions in our firm’s history. The combination of an increasing population, high barrier to entry, and the continuous addition of local attractions makes this a truly outstanding long term asset,” said Conway.
IDEAL and its affiliates have developed or acquired over $1.8 billion in multifamily housing. Some $524.5 million in developments or acquisitions was generated in the last 36 months.
CBRE’s Phoenix Multifamily team, led by Asher Gunter, represented the seller. IDEAL is currently raising its next private capital fund.