Park Terrace | 1011 East Orange Street, Tempe, AZ 85281 | 40 Units | $9,000,000 | $225,000 Per Unit | $374.63 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (October 14, 2022) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $9,000,000 / $225,000 Per Unit / $374.63 Per SF sale of Park Terrace, a 40-unit multifamily apartment community located in Tempe, Arizona. ABI Multifamily's Royce Munroe represented the buyer and seller in this transaction.
The buyer is based in California and the seller is based in Arizona.
Park Terrace is a 40-unit, garden-style apartment community located within two blocks of Arizona State University’s Tempe Campus where more than 50,000 students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is also on the “Orbit” shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Area residents enjoy quick light rail connections to shopping at Whole Foods and frequenting the restaurants, bars and entertainment options located on the Mill Avenue district of North Tempe. Numerous dining and shopping options are also in close proximity to the property located at Tempe Marketplace, with 1.3 million square feet housing over 100 local and national retailers and restaurants. Significant employers in proximity to the property include State Farm, Edward Jones, Medtronic, Amazon, First Solar, and Chase Bank. The property is nestled in the path of progress radiating from development on the shorelines of Tempe Town Lake and the Novus Innovation Corridor.
Park Terrace offers residents an attractive mix of well-appointed one-bedroom / one-bathroom and two-bedroom / one-bathroom unit types which enjoy quality renovations including new white shaker kitchens and bathroom cabinets, stainless steel appliances, new flooring, faucets, fixtures, and in-suite washers and dryers. All units are individually metered for electricity and enjoy individual water heaters.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, San Diego, and Tucson, 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.