Avison Young announces it has completed the $18 million/$160,714 per unit sale of Rancho Las Palmas Apartments, a 112-unit multifamily property located at 1249 E. Spence Avenue in Tempe, Arizona.
Avison Young professionals from offices across the U.S. collaborated to execute the deal on behalf of the seller, Boca Raton-based Pinnacle Holdings of Florida, Inc. and included Peter Sherman, Principal & Head of U.S. Multifamily & Development (Los Angeles), Keith O’Donnell, Principal, Capital Markets (Boca Raton) and Mark Seale Principal and Market Leader (Phoenix). Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick, and Tyler Bruggman of ABI Multifamily in Phoenix co-brokered the transaction in conjunction with the Avison Young team. The buyer was a private investor from Arizona.
Built in 1986 and situated on 5.27 acres, Rancho Las Palmas Apartments is garden-style apartment community consisting of six two-story and three-story buildings. Community amenities include a clubhouse, fitness center, swimming pool, spa, laundry facility, gated entry, and ample parking.
Situated just south of East Apache Boulevard in the heart of the North Tempe submarket, 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 and 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.
“This is the second of three off-market dispositions our Avison Young team is conducting on behalf of Pinnacle. Our client has been pleased with the process and outcome. The cooperation between the California, Florida and Phoenix teams created a seamless process on this Tempe asset,” said O’Donnell.
The first transaction was completed in February of this year on the $23.5 million sale of a 201-bed senior housing facility located at 6700 Sepulveda Boulevard in Van Nuys, CA. Situated on just over two acres of land, the property totals 49,818 square feet. The last of the three transactions is anticipated to close escrow next week and is another apartment property located in Phoenix.
