Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Eden Apartments, a 112-unit multifamily asset in Tempe, Arizona. The property sold for $26.5 million, or $236,607 per unit.
“Built in 1980, Eden Apartments is an exceptionally well-maintained asset in the highly desirable Tempe submarket south of Arizona State University (ASU), where the minimal threat of new supply will provide shelter from future multifamily development for years to come,” said Cliff David, IPA executive managing director. “In-unit washer and dryer connections, in combination with large average unit sizes, a heavy two-bedroom concentration and site density of 21 units per acre added to the appeal of this boutique asset.” David and IPA executive managing director Steve Gebing represented the seller, Living Well Homes and procured the buyer, Rise48 Equity. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant and their team arranged acquisition financing.
The property is close to Loop 101, Loop 202, and Interstate 10, providing access to Scottsdale, Chandler, Mesa, Downtown and Midtown Phoenix. ASU’s main campus is a short drive away and the McClintock Drive/Apache Boulevard Valley Metro light rail station is within one mile. Residents can walk to shopping at Broadway Plaza and Broadway & McClintock shopping centers.
Eden Apartments is an eight-building, two-story asset situated on five acres. Community amenities include a swimming pool, fitness center, laundry facility, picnic area and courtyard. Apartments have a balcony or private patio and an average unit size of 808 square feet.
