Ascentris Transfers Tempe Multifamily Property to Long-Term Hold Vehicle
Denver, Colorado (September 30, 2021) – Ascentris, a Denver-based real estate private equity company, announced today that it has transferred SALT, a luxury lakeside residential community it developed with a development partner located in Tempe, AZ, to a long-term hold vehicle it manages. “Ascentris and its investors are thrilled to add SALT to their core holdings,” said James Proffitt, Vice President at Ascentris. “The property’s irreplaceable location along Tempe Town Lake coupled with Tempe’s population and employment growth trajectories make it an ideal fit for a long-term hold portfolio. The transfer will allow Ascentris and its investors to continue to own a generational, core property while avoiding excessive frictional costs associated with open market transactions.” added Proffitt.
Delivered in 2017, SALT consists of 265 units located on the south side of Tempe Town lake immediately adjacent to Marina Heights and State Farm’s five-building, 2M sf office campus. The community features four floors of studio, one-, two-, and three-bedroom options with panoramic views of Tempe Town Lake and “A” Mountain with direct access to all the walkable amenities that Tempe has to offer. Fourth floor loft residences offer double-height ceilings with floor-to-ceiling windows. All units include luxury finishes, large windows, and contemporary design. Community amenities include two saltwater pools, luxurious cabanas, pool-side BBQ areas, a lakeside entertainment deck, dog run, yoga lawn, social lounge/media room, business center, and a gym overlooking Tempe Town Lake.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.2 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.