Tempe Community Trades for $7M

ABI Multifamily has brokered the sale of the 56-unit Arizona asset. The transaction was subject to a $4.5 million, 10-year loan provided by Opus Bank.

Tempe North, at 1855 E. Don Carlos Ave.
Tempe North, at 1855 E. Don Carlos Ave.

ABI Multifamily has brokered the sale of the 56-unit Tempe North apartment community in Tempe, Ariz. A private investor based in California acquired the property for $7 million from a private investor in Arizona. The sale was subject to a $4.5 million, 10-year loan held by Opus Bank, according to Yardi Matrix.

The brokerage team included Senior Managing Partners John Kobierowski, Alon Shnitzer and Rue Bax and Partners Eddie Chang and Doug Lazovick. Lazovick represented the seller in the transaction, while Kobierowski worked on behalf of the buyer.

Property highlights

Tempe North is located at 1855 E. Don Carlos Ave. near Apache Boulevard, a major thoroughfare. The community comprises 52 two-bedroom and four three-bedroom units, with sizes of 750 and 850 square feet, respectively. Common area amenities include a fitness center, a swimming pool, laundry facilities and 126 parking spaces. The property is near several light rail stations, and Apache Boulevard features multiple shopping and dining destinations, parks and a paintball venue.

The buyer saw a great opportunity to purchase a substantially rehabbed project with upside in rents by completing further interior renovations and in an area where there is significant on-going drivers and demand,” said Kobierowski in a prepared statement.

ABI Multifamily recently facilitated another transaction in Arizona—the $12.2 million sale of two Tucson apartment communities.

Image courtesy of ABI Multifamily