New York, NY
Oxford Properties Group (‘Oxford’), a leading global investor, asset manager and developer of commercial real estate, today announced its acquisition of Ten01 on the Lake, a 523-unit multifamily property located in the Phoenix submarket of Tempe, Arizona. The acquisition advances Oxford’s U.S. multifamily investment strategy, with plans to build a portfolio of 15,000 units by 2025 and represents its entrance into the Phoenix multifamily market.
“The closing of Ten01 on the Lake is indicative of Oxford’s appetite for well-amenitized multifamily assets in high-growth, sunbelt markets such as Atlanta, Austin, Dallas and Phoenix as well mountain region growth hubs including Denver,” said Jeff Turkanis, Head of U.S. Residential at Oxford. “Driven by favorable migration trends and the emergence of tech employment hubs attracting talent, these sunbelt cities will be key to Oxford’s strategic plan of building out a 15,000-unit portfolio in the United States by 2025.”
Ten01 on the Lake is located in the North Tempe submarket, which has evolved over the last decade to attract Fortune 500 companies and a growing number of tech companies and employees to the area. The property also benefits from its proximity to Arizona State University. The asset comprises studios, 1, 2, 3 and 4-bedroom units with a full suite of resident amenities that include multiple pool areas, a two-story health club, spin studio and rooftop sky lounge.
Oxford owns and asset manages more than 13,000 apartments globally including significant holdings in Canada and Europe. Oxford currently has a near-term development pipeline of 2,700 units across North America and will look to bring new product to add supply that helps address the shortage of professionally-managed rental apartments in growing cities. Oxford’s U.S. multifamily portfolio includes more than 2,500 units including assets recently acquired in Seattle and Atlanta to complement its existing assets in Boston, Washington DC and New York.
“Growing our global multifamily business is one of our highest conviction investment strategies and our ambitions to build out a 15,000-unit U.S portfolio will see us invest across the risk curve in core, value-add and development opportunities. This will allow Oxford to bring best practices from our global multifamily portfolio where we acquire, develop and improve assets to deliver great places to live for our residents,” added Turkanis.
Over recent years, Oxford has expanded its residential exposure in Europe and Asia Pacific. In the UK it established DOOR which owns, alongside APG and Qatari Diar, the Get Living residential platform which has ambitions to become the UK’s largest built-to-rent multifamily provider. In Australia, Oxford is partnering with Investa, its Australian platform, to build a dedicated multifamily business in what is a nascent industry for that geography.
CBRE represented the ownership group on the sale of the property.
