The Brix Apartments at 1424 S. Jentilly Ln. in Tempe have been sold to a California investor for $2,610,000.
“This property is ideally suited for future appreciation within the strong Tempe marketplace,” says Bill Hahn, executive vice president of Colliers International in Greater Phoenix. “Several of the property’s units have been updated with impressive finishes. The community’s proximity to major employers and the main ASU campus create great opportunity for future rent escalations.”
The Fivey Company, Inc. of San Ramon, CA purchased the community from Western Wealth Capital of Burnaby, Canada. Hahn, Trevor Koskovich and Jeff Sherman of Colliers International in Greater Phoenix handled the sale transaction.
Brix Apartments consists of two, two-story buildings with a total of 24 units. The property contains 17,336 square feet of space and 48 parking spaces. Built in 1981, Brix Apartments was 100% leased at the time of the sale. The one- and two-bedroom units range in size from 605 to 781 square feet.
Brix Apartments is directly across Rural Road from Arizona State University, offering an ideal location for students and faculty to walk to campus. The property is conveniently located to the Mill Avenue entertainment district and Downtown Tempe is located just two miles northwest of Brix Apartments.