ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of a 78-unit, multifamily property – Sonoran Ridge Apartments – for $7,300,000 or $93,590 per unit.
Sonoran Ridge (1205 E. Apache Blvd) and the adjacent 100-room, Day’s Inn Motel (1221 E. Apache Blvd) was purchased by Lennar Multifamily Communities for a combined purchase price of approx. $11.5M. The 6.7 acre site is set to be redeveloped into a 399-unit apartment community featuring four levels of apartments stacked on top of podium parking and 4,242sf of ground floor retail space. Construction is set to begin immediately.
“This is a fantastic site for redevelopment for a whole host of reasons including close proximity to Light Rail, A.S.U. and in close proximity to the state’s top employers,” states Alon Shnitzer, Senior Managing Partner at ABI and lead broker representing the seller for this transaction. “It was an 18 month escrow because the selling entity needed to deliver the property free and clear of tenants/any property leases and the buyer needed to get the zoning approval.”
The Motley is Lennar’s second apartment project in Tempe, the other, Skywater at Town Lake (601 W Rio Salado Pkwy) is in the final phase of construction with completion set for the end of July. In addition to the two Tempe projects, Lennar Multifamily has plans to build 367 units at the northwest corner of McDowell Rd and Central Ave in Phoenix’s Midtown District and another 283 unit apartment community in Chandler at the northeast corner of Chandler Blvd and McClintock Dr.
The Buyer, Lennar Multifamily Communities, with a Western Headquarters in Aliso Viejo, CA, is an experienced multifamily developer with thousands of units under development across the United States.
The Seller, Sonoran Apache LLC, based in Santa Monica, CA, is an experienced multifamily investor.