Goldman Sachs Asset Management Private Real Estate announced today that it has acquired Hanover Mill Avenue, a 341-unit multifamily property in Tempe, Arizona.
Located three blocks from Arizona State University’s main campus in the center of the Mill Avenue District, the Property offers residents immediate access to one of the highest concentrations of restaurants, bars, and entertainment options in the metropolitan area. The Property was built in 2015 and features an upscale amenity package, including a resort-style pool, movie screening room and fitness center as well as high-quality interior finishes and secured parking garage.
Residents also benefit from walkable access to the Metro Light Rail, connecting North Tempe to Sky Harbor International Airport as well as Downtown Phoenix.
“Downtown Tempe has always been highly desirable for residents due to proximity to Arizona State University. However, the market has become a preferred submarket for large corporate employers. Corporate investment in the submarket has led to a newfound demand from the young professional renter cohort,” said Joseph Sumberg, Co-Head of GSAM PRE. “We are excited about the opportunity to offer residents high-quality, Class A product with unmatched accessibility to dining and entertainment options in a transforming submarket."
Hanover Mill Avenue is GSAM PRE’s 16th multifamily investment. GSAM PRE currently owns 3,948 units across the country.
About Goldman Sachs Asset Management Private Real Estate
Goldman Sachs Asset Management (GSAM) Private Real Estate focuses on investing across office, multifamily, retail, and industrial property types spanning the risk and return spectrum, sourcing opportunities in primary and secondary markets. The group employs an active management approach, often partnering with operators or property managers to renovate and rebrand assets, including by implementing energy and operating efficiency programs to potentially realize cost savings. The group manages approximately $2.0 billion of real estate assets as of December 31, 2017 and is part of GSAM, one of the world’s leading investment managers with more than $1.2 trillion in assets under supervision globally as of December 31, 2017.
