TEMPE, ARIZ. — A joint venture between Passco Cos. and InSite Property Ventures has sold the 270-unit Ovation at Tempe to an undisclosed buyer for $36 million. The community is located at 4502-4505 S. Hardy Drive in Tempe.
The JV initially acquired the asset for $25.8 million in 2014. Rents in metro Phoenix have increased by 5.6 percent over this past year alone, according to the sellers.
The JV implemented a series of interior and exterior improvements to the apartment community during its ownership. This included upgrading unit interiors, constructing additional carports, and enhancing the property’s exterior and community amenities.