Aura Apache rendering.
4.94-acre Tempe land tract sells for $7.25M
NAI Horizon’s Investment Services Group represented three ownership entities in a $7.254 million assemblage and disposition land sale. The land is located at 1820, 1836 and 1840 East Apache Blvd., in Tempe, Arizona.
The 4.94-acre land tract is located in a prime location on the north side of Apache Boulevard, just east of McClintock Drive. The property is conveniently situated adjacent to the McClintock and Apache light rail station, approximately 1.1 miles southeast of Arizona State University.
The buyer is Trinsic Residential Group of Dallas, Texas. This new high-density residential project is called Aura Apache.
NAI Horizon Executive Vice President Lane Neville, Senior Associate Logan Crum and Associate Cole Neville represented the sellers, IPIRG Opportunity Fund, LLC, Stafford Properties of Arizona, Inc., and Stafford Apache, LLC.
“The escrow for the Aura Apache land sale was 23 months, during which the buyer attained new zoning, received site plan approval, architectural design review and City of
Tempe approval of the building permit,” Lane Neville said. “The mixed-use, apartment project has 295 units.
“Trinsic Residential Group was a pleasure to work with, our NAI Horizon team is proud to be a small part of such a great high-density development project. We are excited to watch their build-out, and Class-A amenities being constructed and completed over the next two years,” Lane Neville said.
Aura Apache will include three distinct building types: a wrap-style apartment structure, townhomes, and a standalone office building. The asset will feature high-end amenities with resort-style improvements.
“Trinsic Residential Group is excited to begin construction on Aura Apache, our third project in Tempe. The project will bring high-end apartment units to a developing stretch of Apache Boulevard,” said Tristan Charlesworth, Development Director with Trinsic Residential Group in Arizona.
The NAI Horizon Investment Services Group specializes in the sale of commercial land, multi-tenant office, and retail properties throughout the Phoenix MSA and the greater Southwest.