A California-based buyer has acquired the Park Terrace Apartments in the heart of Tempe's ASU district. A private Arizona-based investor sold the property for $5 million or $125,000 per door.

The property is located near a Valley Metro Light Rail line and is a five-minute walk from the nearest station. The location creates significant upside through a value-add program.

ABI Multifamily's John Kobierowski, Royce Munroe, Alon Shnitzer, Rue Bax, Doug Lazovick and Eddie Chang represented both parties in the transaction.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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