Rancho Las Palmas Apartments | 1249 East Spence Avenue, Tempe, AZ 85281 | 112 Units | $18,000,000 | $160,714 Per Unit | $206.83 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (December 5, 2024) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $18,000,000 / $160,714 Per Unit / $206.83 Per SF sale of Rancho Las Palmas Apartments, a 112-unit multifamily apartment community located in Tempe, Arizona. The sale was facilitated by ABI Multifamily's Phoenix-based Institutional Arizona Team - Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick, and Tyler Bruggman in collaboration with Peter Sherman, Keith O'Donnell, and Mark Seale of Avison Young.
The buyer is Rincon Partners, based in Phoenix, Arizona.
Situated just south of East Apache Boulevard in the heart of the North Tempe submarket, Rancho Las Palmas is a 112-unit, garden-style apartment community consisting of six two-story and three-story buildings on a 5.27-acre lot. The property is within walking distance of the light rail and a short drive to/from Arizona State University’s Tempe campus and Phoenix Sky Harbor International Airport along with multiple access points to all areas of Phoenix by way of the Red Mountain Freeway (Loop 202), Piestewa Freeway (State Route 51), Pima Freeway (State Route 101), Hohokam Expressway (State Route 143), and the Papago Freeway (Interstate 10). Immediate neighborhood conveniences and services include Sprouts Farmers Market, ALDI, Walgreens, Whole Foods, and Ace Hardware.
The property is surrounded by multiple dining, entertainment, and shopping hubs, including Tempe Marketplace, one of the Valley’s most premier combination lifestyle and power centers with over 100 shops and restaurants approximating 1.3 million square feet of retail space, including Target, Best Buy, JCPenney, Barnes & Noble, H&M, Dave & Buster’s, and Harkins Movie Theater. Additionally, the Mill Avenue entertainment district in downtown Tempe, Scottsdale Fashion Square Mall, Chandler Fashion Square Mall, and the multitude of event venues and dining options at downtown Phoenix are all within an approximate 20-minute drive from the property.
Developed in 1986 using wood frame construction, stucco exterior finishes, and flat roofing, the property features a unit mix of 48 one-bedroom / one-bathroom units and 64 two-bedroom / two-bathroom units with a weighted average of 777 square feet. Each unit is individually metered for electricity and features individual HVAC’s and hot water heaters. Interior amenities include air conditioning / heating, ceiling fans, balconies / patios, vaulted ceilings (select units), and fully equipped kitchens with stainless steel appliance packages (select units). Community amenities include a clubhouse, fitness center, swimming pool, spa, laundry facility, gated entry, and open / covered parking.
Significant area employers include State Farm Insurance, City of Tempe, Salt River Project, Chase Bank, and Arizona State University.
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.