A 335-unit luxury apartment community near Tempe Town Lake has a new owner. CrossHarbor Capital Partners has acquired The Alyssa from StreetLights Residential, with Corten Real Estate providing a $78.5 million loan to finance the purchase.
The deal, first reported by Multifamily Housing News, closes the book on a project that broke ground in 2021 and welcomed its first residents in 2024, three years later. The outlet reports that StreetLights had originally financed construction with a $65.5 million loan from KeyBank back in 2021, and that Zions Bank acquired that construction debt this year, shortly before the sale to CrossHarbor.
The Alyssa sits on more than 5 acres at 98 S. River Drive, positioned at the southwest corner of the interchange between loops 101 and 202, south of the Salt River, according to the same report. The property's North Tempe location places it near Tempe Town Lake, Hayden Butte and Downtown Tempe, according to StreetLights Residential's own property listing.
What Renters Get at The Alyssa
Units at the property average 881 square feet across studio and one- to three-bedroom floor plans, the report notes. Amenities include two swimming pools, a gym, coworking areas and a resident clubroom, and the community also runs a preferred employer program that offers qualifying applicants financial perks such as waived fees, per the same account.
StreetLights' own listing adds that The Alyssa includes bicycle storage and a repair station, EV charging stations, parcel lockers, and controlled-access parking. Nearby, the development benefits from retail and employment density: Tempe Marketplace, described by Multifamily Housing News as a 1.3 million-square-foot open-air retail center, sits within walking distance, though AZ Big Media has described the same retail hub as more than 1.2 million square feet. Directly south of the property is Smith Innovation Hub, a 300-acre light-industrial and office campus, the trade publication notes.
A Slower Market for Phoenix Apartment Deals
The sale lands at a moment when Phoenix-area apartment trading has cooled considerably. Multifamily transaction volume across the region fell to $1.3 billion during the first seven months of 2026, just half of what was recorded over the same stretch in 2025, the report states. Even so, pricing per unit has stayed elevated: Phoenix-area apartments changed hands for an average of $264,952 in July, 43 percent above the national average.
Broader market data paints a mixed picture. Average advertised asking rents across Phoenix sat at $1,529 on a trailing three-month basis through midyear, flat but down 2.1 percent year over year, according to a Yardi Matrix report. Occupancy in stabilized properties slipped 20 basis points year over year to 93.2 percent in June, the same report found, while developers completed 9,149 units through July with another 24,400 apartments still under construction.
A separate Kidder Mathews report put Phoenix multifamily vacancy at 10.7 percent in the third quarter, down from 12.1 percent a year earlier and from 11.4 percent in the second quarter. Net absorption totaled 4,366 units for the quarter and 14,990 units year to date, that report found, while construction activity has pulled back sharply, with just 14,096 units underway regionwide, down 33.3 percent from a year earlier. Average cap rates, meanwhile, climbed to 6.7 percent in the third quarter from 6.0 percent a year prior, per the same data.
Comparable Deals Around the Valley
The Alyssa transaction follows a string of nearby multifamily sales. The Remy, a 266-unit property, changed hands in July when ColRich Multifamily acquired it from Geringer Capital, according to Multifamily Housing News. That property was previously known as Avia 266, a 267-unit Mesa community that ColRich bought for $52.4 million including the assumption of an existing HUD loan, per ConnectCRE, with the buyer intending to rename it The Remy.
The largest Phoenix multifamily sale of the third quarter was Cadia Crossing, a 256-unit property in Downtown Gilbert that sold for $80 million, or $312,500 per unit, the Kidder Mathews report found. The largest completion over the same period was The Mason in East Mesa, a 419-unit property delivered in July. StreetLights Residential's history in Tempe dates back further still: its first luxury community in the city, The Cameron, opened in 2019 with 349 units, according to AZ Big Media.
CrossHarbor's Growing Multifamily Footprint
CrossHarbor Capital Partners describes itself as having built a $34 billion investment track record across more than 380 transactions since its founding 32 years ago, according to the company's own materials cited in the Multifamily Housing News report. The firm has been active elsewhere in multifamily lending and development recently, providing $80 million in construction debt two months before the Alyssa deal was reported for CEDARst Cos.' 197-unit project in San Diego.
CrossHarbor's joint venture with Mill Creek Residential also brought the 400-unit Modera Riverview online last year in Nashville, Tennessee. Earlier this month, the two companies refinanced that property with a $105 million loan from Helaba, the report states, rounding out a busy stretch of financing activity for the firm as it adds the Tempe property to its portfolio.
