Greenstone Partners, in collaboration with ORION Investment Real Estate, is excited to announce the marketing of a newly entitled land opportunity located at 1734 E. Apache Boulevard in Tempe, Arizona, with an asking price of $8.5 million.
“The property’s prime location adjacent to a Valley Metro station, along with its close proximity to downtown Tempe and Arizona State University, makes it an ideal site for a new multifamily development,” stated Danny Spitz, CEO & Managing Partner of Greenstone Partners.
The City of Tempe has approved a comprehensive site plan for the property, which includes 275 dwelling units and approximately 5,000 square feet of commercial space. In addition to the zoning map amendment, Tempe’s Community Development Department has completed a Planned Area Development Overlay, establishing standards for density, building height, lot coverage, landscape coverage, and parking ratios. A thorough Development Plan Review has also been conducted, encompassing site plans, building elevations, and landscape plans.
“The combination of this site location, the awarding of the new entitlement, and the stunning conceptual design provide a uniquely special opportunity to bring 275 dwelling units to a spectacular submarket,” said Zack Mishkin, Senior Vice President at ORION Investment Real Estate.
“The Phoenix MSA has grown immensely over the last several years, leading to unprecedented housing demand and a boom in housing development,” added Spitz.
Greenstone
