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20-Year-Old Apartment Complex Fetches $81,000 Per Unit

TEMPE, AZ-The 54-unit Tamaron Apartments trades for $4.4 million to deliver one of the highest per unit prices in the city. The new owner, turning around 1031 exchange gain, gets a fully leased, class A complex for 99% of the ask.

By Jennifer D. Duell | Updated on June 13, 2005

TEMPE, AZ-A couple from Sunnyvale, CA has paid one of the highest per unit prices for a multifamily complex in the city, anteing up $81,000 per door or $4.4 million for the 54-unit Tamaron Apartments.

“Tamaron Apartments is one of the best complexes in the Valley given its amenities and condo-quality construction,” Cliff David, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co., tells GlobeSt.com about the 1125 E. Broadway Rd. property. “It’s in excellent condition and in an excellent location.”

David represented the sellers, Harold and Nanette Lyons of nearby Scottsdale while Ed Cerna in Marcus & Millichap’s Palo Alto, CA office brought the buyers, Paul and Doris Cardarelli, to the table. David says Tamaron Apartments received four offers during a 30-day run on the market. The Cardarellis, who were satisfying a 1031 exchange from a 12-unit multifamily asset in the South Bay, came in with the highest offer at 99% of the asking price, he says.

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