Colliers International of Greater Phoenix has negotiated the $21.3 million sale of The Arbors at 5th Apartments located at 805 W. Brown St. in Tempe, AZ. The community was purchased by a private investor based out of Vancouver, Canada.
Senior Executive Vice President Cindy Cooke and Senior Vice President Brad Cooke of Colliers International in Phoenix negotiated the sale transaction. The seller of The Arbors at 5th was Hamilton Zanze of San Francisco, and the buyer was Western Wealth Capital of Vancouver, Canada.
“The Arbors at 5th offered the buyer a great value-add opportunity in the heart of the Valley’s most dynamic marketplace, Tempe. The property is within walking distance of the historic Mill Avenue District and the Tempe Town Lake Beach Park,” says Cindy Cooke of Colliers International. “Downtown Tempe has captured the attention of the nation with its strong employment growth coupled with its urban high-quality lifestyle. The Arbors at 5th provides a Class A location with the ability to add value by renovating the interior of the units.”
The Arbors at 5th was constructed in 1967, contains 197 apartment units in 41 buildings and was 96% occupied at the time of the sale. Apartment units range from studios to two bedrooms from 317 to 943 square feet in size. The community is located just half a mile from Arizona State University’s main campus and is within one block of Phoenix’s Metro Light Rail.
The seller Hamilton Zanze has made on-site improvements including building a brand-new leasing office, clubhouse and fitness center and modernizing 64 of the units. The single-story and townhouse-style units are built of block/masonry construction, and select units feature spacious walk-in closets, redwood cabinetry, wood-plank style flooring and resurfaced countertops. The community contains two on-site laundry facilities, three swimming pools and a BBQ/picnic area. The property is serviced by University Shuttle as well as the Phoenix Metro Light Rail.