Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of The Lofts at Rio Salado, a 466-unit apartment complex in Tempe, Arizona. The $75.5 million sales price equates to more than $162,000 per unit.
“Asking rents for newly constructed core assets in the Tempe submarket are substantially higher than the in-place rents at The Lofts at Rio Salado,” says Steve Gebing, senior managing director. “This rent differential, coupled with the fact that the property still has its original common area amenities and unit interior finishes, make The Lofts at Rio Salado a prime candidate for the implementation of a strategic renovation program.”
Gebing and Cliff David, senior managing director, represented the seller, a global leader in wealth and asset management services and procured the buyer, Weidner Apartment Homes.
The property is located with freeway visibility at 1033 North Parkside Drive in Tempe, adjacent to the Center Parkway/Washington Street metro station and Grand at Papago Park Center, a 3.2 million-square-foot mixed-use urban development project.
Tempe Town Lake and Arizona State University are within walking distance and eight of the Valley’s most prominent employment corridors, including Marina Heights and downtown Phoenix, are within a 10-mile radius.
“In recent years, the Valley has seen exponential growth across its economic landscape and developed 48 million square feet of office space,” comments David. “The Lofts at Rio Salado provides residents with exceptional access to some of the most prestigious local employment areas.”