Tempe Apartments Change Hands
- Mar 09, 2017
Tempe, Ariz.—2nd and Hardy LP has acquired the Hardy Apartments, a nine-unit apartment community in Tempe, Ariz., from Turtle Investments LLC for $840,000.
Arizona Investments & Management represented the buyer in the transaction, while ORION Investment Real Estate represented the seller.
“This C Class, all one-bedroom apartment complex sold for the benchmark pricing of over $93,000 per unit due to its development potential,” Zack Mishkin, ORION Investment Real Estate’s vice president, said. “The property was sold to a residential developer who saw the value in being less than a mile from Mill Avenue, major Light Rail stations, Tempe Beach Park, Tempe Center for the Arts, Tempe Town Lake and Major Freeway interchanges.”
Situated on the southeast corner of Second Street and Hardy Drive, just East of Mill Avenue in a prime Tempe location, Hardy Apartments consists of eight one-bedroom/one-bath units, and a single-family three-bedroom/one bath home. The property sits on just over one-half of an acre and was built in 1956.
“This West of Mill Ave pocket is often overlooked by developers and apartment operators looking for renovation projects, however, it is a sub-market of Tempe that has incredible potential due to its relatively low property value and proximity to, well, everything,” Mishkin said. “I predict this submarket to see a tremendous amount of acquisitions for value-add and new residential development projects.”