Tempe Terrace | 1130 East Orange Street, Tempe, AZ 85281 | 39 Units | $5,460,000 | $140,000 Per Unit | $169.71 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – May 17, 2019: ABI Multifamily – the Western US’ leading multifamily brokerage and advisory services firm – 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 Associates Dallin Hammond and Mitchell Drake 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.”
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.