Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Riverside, a 164-unit apartment property in Tempe, Arizona. The asset sold for $46 million.
“One of the few value-add multifamily assets within walking distance of Downtown Tempe, Riverside is close to Tempe Town Lake and the famed Mill Avenue District,” said Steve Gebing, IPA executive managing director. “The property recently underwent a strategic common area repositioning that laid the groundwork for the buyer to drive revenue gains through the continuation of apartment interior renovations.” Gebing and Cliff David, IPA executive managing director, represented the seller, Knightvest Capital, and procured the buyer, SAM Residential Group.
Located in the geographic center of the greater Phoenix metropolitan area, the property is within a 10-mile radius of 16 major employment corridors in one of the densest concentrations of employers in Arizona. Riverside’s location in a quiet residential neighborhood less than one-half mile from Tempe’s Mill Avenue and Rio Salado Parkway gives residents easy access to the Loop 202/Red Mountain Freeway, Interstate 10, State Route 143, and Loop 101/the Price Freeway. Valley Metro Light Rail, which is within walking distance, provides access to Phoenix Sky Harbor International Airport and Downtown Phoenix. Arizona State University, the second-largest university in the United States, is within one-half mile of the property.
Built in 1985 on five acres, Riverside’s mix of studio, one-, and two-bedroom apartments averages 716 square feet. Interiors have wood-style vinyl flooring and carpeting, sizable closets, and private patios or balconies. Select units offer stainless steel appliances, quartz countertops, tile backsplashes, framed vanity mirrors, washers and dryers. The community has two distinct courtyards with resort-style pools and spas, a leasing office and resident clubhouse, a 24-hour fitness center, an enclosed bike station, on-site laundry facility, parcel lockers, and covered parking.
