PHOENIX, ARIZONA – CBRE has facilitated the sale of the 58-unit Tanglewood Apartments in Tempe Ariz. to The Neiders Company for $7.9 million, or $136,206 per unit.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, AZAB, LLC, in the transaction. They also represented the buyer, who plans to renovate and reposition the property.
Located at 740 West University Drive in Tempe, Tanglewood Apartments is a garden-style community located within walking distance of Arizona State University’s Tempe campus. It is surrounded by the area’s prominent amenities, including Tempe Town Lake, Tempe Marketplace, and Mill Avenue Entertainment District, which offers one of the highest concentrations of restaurants, cafes, microbreweries, sports bars nightlife and retail amenities in Arizona.
The community also offers convenient access to Tempe’s employment corridor, Sky Harbor International Airport and the region’s other largest employment corridors, including downtown Scottsdale, downtown Phoenix, the Camelback Corridor and Chandler.
Built in 1977, the property comprises five buildings and sits on 1.88 acres. Units average 606 square feet and are individually metered for electricity.