Situated on the southeast corner of Second Street and Hardy Drive, just East of Mill Avenue in a prime Tempe location, Hardy Apartments sold for $840,000, or $93,333 per unit ($38.10 per land SF).
The sale included 8 one-bedroom/one-bath units, and a single-family three-bedroom/one bath home. The property sits on just over one-half of an acre and was built in 1956.
“This C Class, all one bedroom apartment complex sold for the benchmark pricing of over $93,000 per unit due to its development potential. The property was sold to a residential developer who saw the value in being less than a mile from Mill Avenue, major Light Rail stations, Tempe Beach Park, Tempe Center for the Arts, Tempe Town Lake and Major Freeway interchanges,” said Zack Mishkin, vice president of ORION Investment Real Estate. Mishkin continued, “This West of Mill Ave pocket is often overlooked by developers and apartment operators looking for renovation projects, however, it is a sub-market of Tempe that has incredible potential due to its relatively low property value and proximity to, well, everything. I predict this submarket to see a tremendous amount of acquisitions for value-add and new residential development projects.”
Mishkin represented the seller, Arizona-based Turtle Investments LLC, in this transaction.
Colorado-based 2nd and Hardy LP was the Buyer, represented by Victoria Miachika of Arizona Investments & Management. The property was delivered 100 percent occupied at close of escrow.