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Buyer Spends $6.2M for ASU-Area Complex

TEMPE, AZ-A repositioning pro from Beverly Hills, CA buys the 150-unit Terrace Road Apartments. The purchase comes with a plan for improvements inside and out to the 100%-leased, four-building complex.

By Beverly Ford | Updated on October 31, 2002

TEMPE, AZ-A Beverly Hills, CA investor has put down close to $6.2 million to buy a 150-unit, student-occupied complex near Arizona State University. The plan is to upgrade the facility with a new clubhouse and computer center to make it more attractive to students.

New owner Jeff Berris purchased the vintage complex at 950 S. Terrace Rd. from a private partnership, Terrace Road Apartments LLC. of Phoenix. Broker Steve Nicoluzakis of Insignia/ESG’s Phoenix office tells GlobeSt.com that the strategy is to reposition the 34-year-old property in the market. A new paint job, new clubhouse and new interiors are planned. “The buyer saw an opportunity to reposition the building,” he explained. The four-building complex, which is fully occupied, rents for between $600 and $800 per month for one- and two-bedroom units, he said.

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