PHOENIX, ARIZONA -- ABI Multifamily has announced the $5,460,000, $140,000/unit, $169.71/SF closing of Tempe Terrace Apartments in Tempe, Ariz.
The 39-unit garden-style community — located at 1130 E. Orange St. — sits ½ mile from the nearest Light Rail Station and 0.8 miles from Arizona State University’s Tempe Campus. ABI Multifamily VP Royce Munroe represented the Seller, an Arizona-based private investor, and Associate Dallin Hammond represented the Buyer, a private investor from California.
“The Seller purchased Tempe Terrace Apartments in 1991, and it has been a solidly performing asset across its life, particularly given the growth and development that has transformed the area over the years,” Munroe said.
“Tempe Terrace Apartments presented an irresistible opportunity for the Buyer,” Hammond said. “As a legacy community in such a well-served and incredibly dynamic growth area, the value-add potential is exceptional and offers a full range of both near- and long-term opportunities.”