Cushman & Wakefield sold 9.29 acres of Arizona State University (ASU) surplus land, located at the southeast corner of Rio Salado Parkway and Price Road in Tempe, Ariz. Phoenix-based Alliance Residential, the nation’s largest multifamily developer, purchased the site from ASU for $11.25 million.
Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield Phoenix represented the seller in the transaction.
“Alliance Residential was excited for the opportunity to acquire another premier multifamily development site. The site’s proximity to major freeways, Arizona State University, major employers such as State Farm and the amenity rich Mill Avenue and Tempe Town Lake area was a major draw for Alliance Residential,” said Fogler.
Alliance Residential plans to develop a 276-unit, surface parked, luxury apartment community called Broadstone Rio Salado in the Tempe location. Plans call for a total of 12 buildings to house 28 studio units, 144 one-bedroom and 104 two-bedroom units. Planned amenities include a pool, spa, game lawns, outdoor cooking area with tables, fire pits, dog park and a fitness center.
The site is positioned between two outdoor shopping centers, Tempe Marketplace and Mesa Riverview, with immediate access to the Loop 101 and 202 freeways and Sky Harbor International Airport. In addition, Tempe Town Lake, Marina Heights, the Chicago Cubs spring training facility, ASU and Downtown Tempe/Mill Avenue are all within close proximity.