ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, announced the $75,000,000 / $312,500 Per Unit / $405.95 Per SF sale of Sanctuary on Broadway Apartments, a 240-unit multifamily apartment community located in Tempe, Arizona. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick and ABI Multifamily’s Royce Munroe represented the seller in this transaction. The buyer is based in Washington and the seller is based in Arizona.
Constructed in 1971 with partial renovations applied in 2008, 2014 and 2019, the Sanctuary on Broadway Apartments feature 240 units arranged in 13 two- and three-story buildings with wood frame construction, stucco exterior finishes and pitched tile roofing situated on approximately 9.08 acres of land. Community amenities include: Two swimming pools and spa, laundry facilities, fitness center, business lounge, clubhouse, children’s playground, picnic areas with barbecue grills, bike room, and gated entry.The property consists of a 96 one-bedroom / one-bathroom units, 108 two-bedroom / one-bathroom units, and 36 two-bedroom / one-and-a-half bathroom units with a weighted average of 770 square feet. Renovated units feature large windows, upgraded ceramic tile / faux-wood flooring in addition to galley kitchens complete with granite-style counters and white cabinetry which are connected to separate dining areas. In addition to elegant bathrooms with Hollywood vanity lights, each unit features spacious bedrooms with ample closet space and a private patio or balcony. Select layouts include in-home laundry appliances. The property is just minutes away from numerous employment drivers including Arizona State University, State Farm Insurance, SRP, JP Morgan Chase Bank, Amazon corporate offices, ABM Industries Inc., Wells Fargo Bank and Honeywell and has easy access to major transportation arteries such as the I-10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), SR-143 (Hohokam Expressway), US-60 (Superstition Freeway) in addition to Phoenix Sky Harbor International Airport. Residents of Sanctuary on Broadway also enjoy easy access to an abundance of retail amenities in Downtown Tempe’s Mill Avenue corridor and ample outdoor recreational locales.