Brian Smuckler and Jeff Seaman, who lead CBRE’s Multifamily Investment Group in Phoenix, have completed the sale of Riviera Village in Tempe for a price of $10 million ($60,606 per unit/$89 per SF). The 165-unit apartment community was built in 1980 and is located at 1502-1532 S. Price Road.
Seaman and Smuckler negotiated the sale on behalf of the buyer, Riviera Partners, LLC of Scottsdale, Arizona. The seller was MRI Saddlehorn Riviera Investment Fund, LLC of Tempe, Arizona.
“Rental rates in Tempe are consistently increasing. In Q4 2015 rents averaged $735 per month, an increase of 6.6 percent year-over-year,” said CBRE’s Seaman. “These increases are indicative of the submarket’s growth, a direct result of dynamic new employers and continued evolution of the Arizona State University campus. Riviera Village is ideally positioned to take full advantage of the economic development taking place in the surrounding area.”
Riviera Village benefits from proximity to both Arizona State University and some of the most notable new commercial developments in the Valley, including State Farm’s Marina Heights, Liberty Center at Rio Salado and The Grand at Papago. In 2015 alone, more than 11,000 new jobs were announced in the city of Tempe.