Park Terrace | 1011 East Orange Street, Tempe, AZ 85281 | 40 Units | $5,000,000 | $125,000 Per Unit | $208.37 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – June 11, 2019: ABI Multifamily – the Western US' leading multifamily brokerage and advisory services firm – has announced the $5,000,000 / $125,000 Per Unit / $208.37 Per SF closing of Park Terrace Apartments in Tempe, Arizona.
Park Terrace is a 40-unit garden-style apartment community in the heart of the Arizona State University development area. The property sits immediately adjacent to the Valley Metro Light Rail line and is a five-minute walk from the nearest station.
ABI Multifamily’s John Kobierowski, Royce Munroe, Alon Shnitzer, Rue Bax, Doug Lazovick and Eddie Chang represented both parties in the transaction, with Kobierowski serving as lead broker for the Buyer and Munroe as lead for the Seller.
“Given its location in the heart of ASU developments, this property’s value-add potential is enormous,” Kobierowski said. “The transaction was a real win-win for both sides. The Seller is a 30-year veteran of the business, and with this sale he has retired and exited multifamily completely. The Buyer is the largest operator of privately held garden-style student housing in the ASU area and was excited to extend his position in the area.”
The California-based Buyer and Arizona-based Seller are both 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.