Regatta Pointe Condominiums, an $18-million luxury community within walking distance of Arizona State University, Diablo Stadium and Tempe's famous Mill Avenue, is 75% sold with buyers scooping up the one- and two-bedroom units at prices ranging from the mid-$100,000s to a low $300,000.
What is sparking buyer interest is not just the luxury units, but the prime urban location on one of the largest man-made lakes in the Valley. Surrounded by park land, the lake offers boating, biking and other recreational amenities and is the site of one of the largest Fourth of July celebrations in the area.
"We expected demand at Regatta Pointe to be high since it is the only residential community on the lake," said Andy Miller, senior vice president of Picerne Communities, which developed the 425 W. Rio Salado Parkway for Regatta Pointe LLC "The combination of lakeside location, proximity to the amenities of Mill Avenue and ASU, creates a unique urban living opportunity that isn't available anywhere else in the Valley."
The 136 two- and three-story condominiums, designed by Phoenix-based Todd & Associates, feature between 750 sf and 1,500 sf of luxury living space with bay windows and garages set in an urban environment, most with lake views. Two other phases of the project will deliver early next year.
The Lakeside Enclave has 40 single and tri-level homes with lakeside views and private porches or balconies while the Garden Enclave will includes 88 homes surrounding a lushly landscaped courtyard with a large pool, spa and exercise room. Several condos also include a lower-level office or workspace area, making them perfect for work-at-home businesses.
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