Studio 710 apartment community in Tempe sold to California investor for $26.75 million

Property is located in the heart of high-tech job growth

Phoenix, March 28, 2019 –  Studio 710, an apartment community located at 710 Hardy Drive in Tempe, was sold to Tara Investment Group of San Francisco for $26.75 million. The property is located in the heart of burgeoning Tempe.

“This asset is located within walking distance of the ASU campus, Tempe Town Lake, Metro Light Rail, Mill Avenue, and 50,000+ jobs,” said Brad Cooke with Colliers International in Arizona. “This is a true ‘live-work-play’ location with a 97 percent bike score.”

Tara Investment Group was self-represented in the transaction. The company purchased the apartment community from Domain Communities, a private value-add multifamily real estate investment company. Domain was previously based in Scottsdale for 10 years before moving to Houston in 2012. The principal of Domain Communities, JD Golden, has not forsaken his Arizona ties, buying over 3,000 apartment units in Mesa, Phoenix, Tempe and Tucson since 2014. “The Phoenix market has proven incredibly resilient during the past six years and is still poised for further growth” said Golden. Brad Cooke and Cindy Cooke of Colliers International in Arizona represented the seller in the transaction. 

Studio 710 contains 239 apartment units within 12 buildings, totaling 98,500 square feet. Built in 1975, the two-story, garden style community features a very modern atmosphere with a recently renovated resort-style amenity package. The community now features two luxurious resort-style pools with cabanas a free Wi-Fi. A trainer-designed fitness studio, outdoor jogging track and outdoor gathering areas all have been added. Studio 710 now offers fire pits, outdoor yoga and zen space, bike racks and a variety of entertainment areas.

Forty-five of the units are in classic condition and the remaining units have been upgraded to a B level. The buyer intends to renovate the remaining 45 units, plus bring some of the B level upgrades to a more modern full upgrade to compete just below the new construction.

Tempe has been identified as one of Top 100 fastest-growing cities in the country by WalletHub.  The submarket has become a home for major tech companies, many relocating from Silicon Valley. The strong job and population growth has equated to a 7.9 percent rent growth for the submarket.  

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.

Colliers International in Arizona has served clients locally and globally for more than 35 years.


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Cindy Cooke

Senior Executive Vice President

Phoenix

As a senior executive vice president with Colliers International, I lead the Cooke Multifamily Investment Team—one of the top multifamily teams in the nation. Team members are Brad Cooke, Chris Roach, Matt Roach, Kellyanne Kennedy and Cory Gernant.

With more than 30 years of experience specializing in multifamily, I provide the market insight clients use in their investment decisions. My primary focus is my relationship with clients. I understand the importance of every step from evaluation to marketing, qualifying the buyer, negotiations, due diligence, financing and closing; and am involved in every aspect of the transaction from start to finish. Through a hands-on personal approach, I provide unmatched service to my clients.

The ability to maximize value, minimize risk and accelerate velocity for clients is the driving force behind all my decisions. I leverage my knowledge and relationships for the benefit of my team’s institutional and large private capital clients.

In addition to my multifamily brokerage business, I served as Interim Manager and Designated Broker for Colliers in Greater Phoenix in 2005. From global conferences in Shanghai to daily interactions with more than 150 brokers and staff, I helped lead Greater Phoenix to become one of the top Colliers’ offices worldwide.

My brokerage career started in multifamily with an emphasis on development, property assemblage, zoning and construction. Early in my career, to accommodate the needs of clients, I started my own commercial real estate brokerage and mortgage broker firm and was the sole proprietor of these companies for 10 years. I was also the partner of Blue Ridge Park Business Park, where I assembled, zoned and planned the largest business park in Raleigh, North Carolina

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Brad Cooke

Executive Vice President

Phoenix

As an executive vice president with Colliers International, I am a member of the Cooke Multifamily Investment Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Chris Roach, Matt Roach, Kellyanne Kennedy and Cory Gernant. My primary role is client relationships, ensuring clients’ needs are fully met and that they are aware of the current market conditions and opportunities..

My dedication to our team’s clients and hands-on personal approach has helped create long-lasting business relationships with top national and international companies. I am responsible for client communication, property tours, coordination of the due diligence process, assisting with underwriting, and market and economic analysis. My in-depth market knowledge has proven to be a valuable asset to our clients and team.

Prior to joining Colliers in 2006, I served as a designated broker/owner of Interlock Realty, a residential real estate firm, and was also the leasing agent for over one million square feet of industrial space. My career began in 2002, as an office leasing agent, and I have since been exposed to all areas of real estate. I found my passion and focus in the multifamily investment sector of commercial real estate.

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