TEMPE, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Tempe Gardens, a 36-unit apartment property located in Tempe, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $7.2 million ($200,000 per unit).
“Primely located Northwest of Arizona State University in a quintessential ‘eat, work, play’ residential neighborhood, Tempe Gardens is the perfect candidate for an interior renovation program to conform to the area and capitalize on proven renovation premiums,” shared Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. Bay had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Bay.
Built in 1969, Tempe Gardens has a total of 36 units and is comprised of nine buildings, all individually-parceled four-plexes. The apartment community has been owned by the seller for over 20 years. Tempe Gardens is located at 109-139 & 112-124 South McKemy Street in Tempe, Arizona.