Goldman Sachs Buys AZ Luxury Property

Goldman Sachs Asset Management Private Real Estate (GSAM PRE) has acquired Hanover Mill Avenue, a multifamily community in Tempe, Ariz., from The Hanover Co. This purchase marks the firms 16th investment, bringing its total to 3,948 units across the U.S. “The Phoenix market has experienced strong population and employment growth when compared to other large Western markets, creating a major demand driver for a multifamily rental product,” Joseph Sumberg, co-head of GSAM PRE, told Multi-Housing News. “Downtown Tempe is already known as a major destination due to the entertainment node of Mill Avenue. The area has benefitted from a rapid increase in office-using employment, investment in public transportation, and the continued growth of Arizona State University.”