Apartment Property Trades in Middle of ASU’s Development Area

The 40-unit value-add garden apartment project in the center of Tempe’s ASU district trades hands.

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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