ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $5.1 million / $212,500 Per Unit / $294.19 Per SF sale of Brix in Tempe, Arizona.
Brix is a 24-unit, garden-style condominium community located within three blocks of Arizona State University’s Main Campus in Tempe. Brix was built in 1981 of wood frame construction with a painted stucco exterior and pitched roofs. The property features 8 one-bed/one-bathroom and 16 two-bed/two-bathroom units with an average size of 722 SF. Every condominium includes a private backyard or balcony and the convenience of an in-suite washer and dryer. Recent updates included modern interior finishes with new shaker cabinets, solid surface counters, tile backsplash, and stainless-steel appliances. Tenant amenities include controlled access, gated entry, on-site maintenance, a BBQ area, and a swimming pool.
Brix is located within walking distance of the Valley Metro Light Rail and multiple “Orbit” shuttle bus stations, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Numerous dining and shopping options are in close proximity to the property including Tempe Marketplace, one of the most popular destinations in the Phoenix Metro, with 1.3 million square feet housing over 100 local and national retailers and restaurants. The Brix community enjoys the pedestrian and bike-friendly streets of Tempe and its proximity to the Loop 101 and 202 Freeways offers quick access to Scottsdale, Downtown Phoenix, and Phoenix Sky Harbor International Airport. Significant employers in proximity to the property include Arizona State University, State Farm, Salt River Project, Honeywell, Express Scripts, and First Solar.
ABI Multifamily’s Royce Munroe represented the Seller in this transaction. The buyer is based in Arizona and the seller is based in California.