Apache & Apache & McClintock Development Opportunity | 1734 East Apache Boulevard, Tempe, AZ 85281 | $4,750,000 | $56.67 Per Land SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (June 16, 2022) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $4,750,000 / $56.67 Per Land SF sale of Apache & McClintock Development Opportunity, a land deal located in Tempe, Arizona. ABI Multifamily's John Klocek and Patrick Burch represented the seller in this transaction.
The seller is based in Arizona.
The Apache & McClintock mixed-use development site is in a premiere location at the northwest corner of Apache Boulevard and McClintock Drive in the heart of Tempe. It is located at the intersection of two major thoroughfares and across the street from a light rail station. It is also a short walk / bike ride to the Arizona State University Campus, which is located just a mile away. With the ASU campus, Tempe Marketplace, the 101 Freeway, Tempe Beach Park, and the Mill Avenue corridor all just minutes away, this location is as central as it gets. Tempe Town Lake is also a short distance from the property where the 2 million-square-foot State Farm Campus sits, as well as where many new projects are underway. This makes this area of Tempe not only popular due to its proximity to the university, but also one of the most desirable areas in all of Arizona to live and work.
The Apache & McClintock development opportunity currently consists of a convenience store and gas station, a self-service car wash, and a small strip mall which all sit on 83,815 +/- square feet (1.92 +/- acres) of land. The property is currently zoned CSS (TOD) and allows for up to 25 du/ac, but is ideal for a redevelopment of a new Class A mixed-use project based on its location and proximity to the light rail. This project is currently on hold and the opportunity for redevelopment exists in the future. Tempe continues to be one of the most sought-after submarkets for multifamily, residential, and mixed-use development with its proximity to the largest university in the nation, its tremendous employment opportunities, and its convenient, centralized location. Significant employers in the area include Arizona State University, General Dynamics, U.S. Airways, Amazon, Microsoft, State Farm, and First Solar.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, 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.