ABI Multifamily brokers 240-unit Tempe apartment community for $42.75 million

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Sanctuary on Broadway
ABI Multifamily announced the $42.75 million sale of Sanctuary on Broadway, a 240-unit multifamily apartment property located in Tempe, Arizona.

ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $42.75 million / $178,125 Per Unit / $231.39 Per SF sale of Sanctuary on Broadway, a 240-unit multifamily apartment property located in Tempe, Arizona.

Constructed in 1971 with partial renovations applied in 2008, 2014 and 2019, Sanctuary on Broadway features 240 units arranged in 13 two- and three-story buildings with wood frame construction, stucco exterior finishes and pitched tile roofing situated on approximately 9.08 acres of land. Ownership has recently completed redevelopment of the leasing office, business center and fitness center. New community amenities include: A dog park, bike room, carports and an outdoor basketball court.

The property consists of a unit mix of one- and two-bedroom floor plans with an average unit size of 770 square feet. Renovated units feature expansive floor plans with large windows, upgraded ceramic tile / faux-wood flooring and galley kitchens complete with granite-style counters and white cabinetry which are connected to separate dining areas. In addition to elegant bathrooms with Hollywood vanity lights, each unit features spacious bedrooms with ample closet space and a private patio or balcony. Select layouts (120 of 240 units) include in-home laundry appliances.

The property is just minutes away from numerous employment drivers including Arizona State University, State Farm Insurance, SRP, ABM Industries Inc., Wells Fargo Bank and Honeywell and has easy access to major transportation arteries such as the I-10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), SR-143 (Hohokam Expressway), US-60 (Superstition Freeway) in addition to Phoenix Sky Harbor International Airport. Residents of Sanctuary on Broadway also enjoy easy access to an abundance of retail amenities in Downtown Tempe’s Mill Avenue corridor and ample outdoor recreational locales.

ABI Multifamily’s Rue Bax, Royce Munroe, John Kobierowski, Alon Shnitzer, Doug Lazovick and Eddie Chang represented the buyer and seller in this transaction.

The buyer is based in Arizona and the seller is based in California.