TEMPE, Arizona - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Revival Tempe, a 14-unit apartment complex located in Downtown Tempe. The asset commanded a sales price of $2,583,800 or $184,557 per unit.
Rich Butler, a Senior Vice President Investments specializing in multifamily product in Marcus & Millichap's Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local limited liability company and the buyer, an out of state 1031 exchange investor.
"Revival Tempe is comprised of well-designed and remodeled two bedroom two bath townhouse-style apartment homes. All units include new flooring and countertops, en-suite washers and dryers, new bathrooms and kitchen cabinets with stainless steel appliances, as well as new entry front and back doors. In addition to finishing the interior upgrades, the new owner has plans to complete the exterior enhancements which includes additional covered parking, new block walls surrounding the private back patios and a security access gate," said Butler.
The property is located at 407-419 W. 7th Street, Tempe, Arizona.
"Strategically positioned walking distance from Arizona State University, the Mill Avenue entertainment district and some of the top attractions in Tempe, Revival Tempe provides the perfect living experience for the young professional, college student or millennial tenant base that the property now attracts. These popular destinations include Sun Devil Stadium, Tempe Town Lake, Papago Park, Phoenix Zoo, ASU Gammage Auditorium, and the Mill Avenue/Third Street Metro light rail station," added Butler.