Company invests in apartments near ASU campus

A Los Angeles firm has purchased the ReNUE on Orange apartments near Arizona State University in Tempe for $13 million. (Submitted photo)

A Los Angeles real estate company has purchased a 110-unit apartment complex near Arizona State University in Tempe.

Tides Equities, LLC, purchased the ReNUE on Orange apartments, 1137 E. Orange St., for $13 million.

Seville Garden Apartments, LLLP, which was formed by ReNUE Properties of Scottsdale, was the seller. ReNUE Properties is a real estate investment firm specializing in the acquisition and rejuvenation of under-performing, multi-family properties, according to a release announcing the sale.

“The buyer plans on continuing the interior upgrade program already initiated by the owner,” stated Trevor Koskovich of The HSK Team, which represented the seller. “Within close proximity to Arizona State University, they will capitalize on increasing student housing demand from one of the largest undergrad student populations in the country.”

ReNUE on Orange consists of one- and two-bedroom units in five buildings on 2.81 acres.

The Queen Creek Independent is mailed each month to 24,000 homes.

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