Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Aria on Mill, a 76-unit apartment community in Tempe, Arizona. The $8,525,000 sales price equates to more than $112,000 per unit.
“Developed in 1988, Aria on Mill provides new ownership with the opportunity to enhance value through the continued implementation of the apartment interior and exterior renovation program,” says Cliff David, first vice president investments in Marcus & Millichap’s Phoenix office. “The strategy is supported by Tempe’s blooming economy and growing reputation as a center for business innovation and technology that attracts millennials and Generation Xers.”
David, and Steve Gebing, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
The property is located at 2430 South Mill Ave. in Tempe, approximately one mile from Arizona State University’s main campus and less than two miles from the Mill Avenue District, an area with nearly 100 shops and restaurants that caters to students and young professionals. The $600 million Marina Heights project on the bank of Tempe Town Lake, which features 2 million square feet and an anticipated 8,000 jobs, is approximately 2.5 miles north of the community.
Aria on Mill features one- and two-bedroom floorplans with weighted average unit sizes of 926 square feet. Community amenities include two resort-style swimming pools, two whirlpool spas, and a recently renovated clubhouse with cyber café and fitness center.