Originally developed by Lincoln Properties in 1984, Onnix is a vintage gardenstyle apartment community in Tempe, Arizona, offering 660 contemporary studio, one- and two-bedroom apartments. Just ten miles from Phoenix, this stellar location is minutes from major freeway access, Arizona State University, Tempe Marketplace and the famous Mill Avenue Corridor
OPPORTUNITY
From 2006 to 2007, prior ownership completed an extensive renovation on approximately half the property, and then converted the apartments to condominiums. Before all the condos were sold, the market crashed, and the lender foreclosed on the nearly $77 million loan
Interwest acquired the asset from the foreclosing lender in May 2012 for $46.5 million. At the time of acquisition, the property suffered from a poor reputation in the market due to management’s ineffective operations—resulting in a high vacancy rate.
