ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $6.4 million / $160,000 per unit / $266.40 Per square foot sale of Park Terrace Apartments, a 40-unit multifamily apartment property located in Tempe, Arizona.
Built in 1963, Park Terrace Apartments is a garden-style apartment community located within two blocks of Arizona State University’s Tempe Campus. The property is comprised of 22 one-bedroom / one-bathroom units and 18 two-bedroom / one-bathroom units. All units are individually metered for electricity and hot water.
Park Terrace is adjacent to the Valley Metro Light Rail and is on the “Orbit” shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. The property is also just a short drive to 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. Significant employers in proximity to the property include Arizona State University, State Farm, Salt River Project, Honeywell, Express Scripts, and First Solar.
Park Terrace provides a unique value-add opportunity through additional interior and exterior renovations located on a parcel zoned R-4 with seven-story student housing properties on two sides.
ABI Multifamily’s Royce Munroe and John Kobierowski represented the buyer and seller in this transaction.
The buyer is based in Arizona and the seller is based in California.