Partial Sale of Tempe’s Rialto Condominiums Announced
- Sep 03, 2014
Phoenix—Dedicated multifamily brokerage and advisory services firm ABI Multifamily has announced the sale of 22 of the 54 residences at Rialto Condominiums, near Arizona State University in Tempe. The buyer is California-based and the seller is headquartered in Arizona.
Those 22 condos, which sold for an average price of $69,565, were renovated with condominium-grade finishes in 2006, the year the now nearly 30-year-old community was converted to condominiums.
“The biggest challenge was finding an all-cash buyer who understood multifamily investments as well as the residential condo market [and] condo HOA governance and had the ability to execute an individual sales campaign,” ABI Multifamily partner Eddie Chang tells MHN. “We did a great deal of research locating principals with previous condo sales and development experience. The buyer recently purchased a similar partial condo assist within the last year, had previous experience converting condos during the last cycle, and ultimately found Rialto Condominiums a great fit for their portfolio.”
Many units were renovated with new ceramic tile in bathrooms and kitchens, new lighting, doors, hardware and two-tone interior paint.
Wood flooring, new cabinets, granite countertops and stainless steel appliances are additional features of the remodeled units. Each condo also offers in-unit washers and dryers.
Among the common-area amenities that helped attract buyers are a private community swimming pool, seating and sunning areas, upgraded exterior lighting and luxuriant landscaping with tree-lined common areas, planters and grassy areas.
Rialto Condominiums, including its dedicated sales center, occupies about 2.5 acres of beautiful, park-like land, features a total of seven buildings and offers covered doorstep parking, with one assigned covered space per residence.
There’s also abundant guest and second car parking, a clubhouse and fitness room, resident bicycle racks, community barbecue areas and private patios or walk-out balconies. The construction is of wood frame and stucco.
Rialto Condominiums is situated less than one mile from the downtown Tempe-Mill Avenue area, the most dynamic district of the Phoenix metropolitan area. It also delivers quick, convenient access to major freeways. These are among the reasons ABI Multifamily reports the property is consistently in high demand and leveraged to appeal to a higher-income demographic in the years ahead.
The Phoenix-based ABI Multifamily brokerage team of Chang, senior managing partners John Kobierwoski, Alon Shnitzer and Rue Bax and partner Doug Lazovick represented the buyer in this transaction.
“The buyer felt the previous owners did a nice job making the appropriate upgrades and managing the property,” Chang says. “The property was fully leased with strong rents and had solid recent individual sales comps. They also liked the proximity to ASU and downtown Tempe, which is seeing a flurry of significant development projects.”