University Palms Apartments | 1207 East 8th Street, Tempe, AZ 85281 | 43 Units | $7,550,000 | $175,581 Per Unit | $201.82 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – January 21, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $7,550,000 / $175,581 Per Unit / $201.82 per SF sale of the University Palms Apartments in Tempe, Ariz.
The University Palms Apartments transaction consists of 43 garden-style units in the North Tempe submarket, conveniently located approximately two miles from the Arizona Loop 202 freeway to the north, two miles from the Arizona Loop 101 freeway to the east and within half a mile to the nearest light rail station. The Arizona State University Main Campus is also within walking distance with reported 2018 enrollment numbers at 51,585 students.
With 43 units built in 1998, the University Palms Apartments boasts an extremely attractive unit mix. Comprised 100% of two-bedroom units, the community offers a weighted average unit size of over 850 SF. The community features a swimming pool, laundry facility, covered parking and a leasing office. Each unit is individually metered for electricity and features individual HVAC’s and hot water heaters, fully equipped kitchens and patios or balconies.
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang, Doug Lazovick and Ryan Smith represented both the buyer and the seller.
“University Palms offered an exciting opportunity for a value-add acquisition right by the ASU Campus in Tempe,” Shnitzer said. “The unit mix and location are ideal for both students and Tempe’s diverse employment base. The extensive developments in the North Tempe submarket makes this one of the hottest locations in the valley”.
“The Tempe apartment market is absolutely on fire” Kobierowski added, “The market currently has nine properties that total 3,074 of units in the construction pipeline as well as nine planned properties totaling 2,686 units. Four properties that total 795 units have been delivered in just the past six months to keep up with the massive demand”.
The Buyer and Seller are both California-based private investors.
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.