Melody Lane | 1867 - 1873 East University Drive, Tempe, AZ 85281 | 14 Units | Built 1962 | $1,925,000 | $137,500 Per Unit | $256.80 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (April 22, 2026) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $1,925,000 / $137,500 Per Unit / $256.80 Per SF sale of Melody Lane, a 14-unit multifamily apartment community located in Tempe, Arizona. The buyer was represented by ABI Multifamily's Dallin Hammond, Mitchell Drake, and Carson Griesemer. ABI Multifamily's Andrew Arambula and Bryce Neagle represented the seller in this transaction.
The buyer is based in California and the seller is based in North Carolina.
The sale consists of two fourplexes and two triplexes, separately parceled across 0.76 acres, and totaling 7,496 rentable square feet. Originally constructed in 1962 with block construction, the asset presents a compelling value-add opportunity through interior and exterior renovations, a strategy well-suited to the property's high-demand submarket.
The unit mix consists of eight one-bedroom/one-bathroom and six two-bedroom/one-bathroom apartments. The property is individually metered for electricity, reducing landlord utility exposure and supporting straightforward management operations.
Strategically positioned within one mile of the nearest Loop 101 Highway on-ramp and a 10-minute bike ride from Arizona State University's Tempe campus, one of the largest universities in the United States, the asset benefits from consistent rental demand driven by a deep pool of students, faculty, and young professionals.
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.