276-unit best-in-class apartment community at key freeway interchange acquired by Los Angeles, CA investor
Cushman & Wakefield announced today the firm has brokered the sale of Broadstone Rio Salado, a 276-unit Class A apartment community located at 2325 E Rio Salado Parkway in Tempe, Arizona. The newly developed asset was acquired by an entity formed by Los Angeles-based Decron Properties for $96.15 million. The seller and original project developer was Phoenix-based Alliance Residential Co., one of the nation’s leading multifamily developers. Alliance Residential’s Joint Venture Equity Partner was Phoenix Capital Holdings.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.
“The relatively low density of Broadstone Rio Salado combined with the high level of interior finishes and top-of-the-market amenities has created a truly unique asset in a dynamic urban environment,” said David Fogler, Executive Managing Director. “Tempe is widely regarded as one of the Phoenix area’s most dynamic submarkets and Broadstone Rio Salado is well positioned to take advantage of its exceptional location at the intersection of the 101 and 202 freeways. It is also proximate to some of the region’s largest employers and near an abundance of shopping, dining and entertainment amenities, and Arizona State University within just a few miles.”
Newly constructed in 2020, Broadstone Rio Salado is a well-appointed community consisting of 28 studio units, 144 one-bedroom and 104 two-bedroom floor plans. The community is surface-parked and features elevator access to air-conditioned interior corridors. On-site amenities feature a resort-style pool and spa with cabanas, outdoor courtyards with gourmet grilling area, outdoor lounge with fireplace and TV, a clubroom with demonstration kitchen and coffee bar, Wi-Fi lounge, billiards table and a two-level, state-of-the-art fitness center with virtual training.