The Atrium is located in East Tempe just south of Arizona State University and west of the 101 Freeway.
Taylor Streets closes 3 multifamily deals totaling $11.2M
Taylor Street Advisors, a leading commercial real estate investment advisory firm, announced the sale the following properties:
• $6,250,000 / $160,256 a unit / sale of The Atrium 39-unit three story apartment community located in Tempe, AZ
• $1,931,000 / $193,100 a unit / sale of Ash Properties 10-units located in Downtown Tempe, AZ.
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“The Atrium is located in East Tempe just south of Arizona State University and west of the 101 Freeway. The building is currently master metered for air and electric, the buyer will convert the building to individually metered for electric and install all new individual HVAC units at the property. Other improvements include new interiors with new kitchens, appliances, flooring, and a renovation of the exterior. Given its proximity to ASU and desirability of the area these enhancements will attract a more robust tenant profile of graduates and current students looking for a modernized building that isn’t new construction,” says Tranetzki.
• Mastered metered building
• Buyer will convert the building to individually metered
• Three story block construction
• Traded at an end of year one pro-forma 5% cap
• Local buyer, California seller
“The Tempe Ash portfolio is comprised of 10 well located units within the Tempe ASU footprint. Will a mixture of one- and two-bedroom units, low density courtyard spaces, ample parking and a high walkability score, the subject properties provide this investor with a unique opportunity to acquire a true value add property within close proximity to the country’s largest university. The buyer intends to complete a full renovation and will modernize the properties to make them more in line with the surrounding neighborhood,” says Laakso.
• Located within walking distance of ASU
• Across the street from Gammage Theater
• Value Add Deal
• Mostly student housing
• Buyer will renovate
Taylor Street sells Osborn 17 for $3.06M
Taylor Street announce the sale of Osborn 17, a 17-unit value add multifamily community located in the midtown area of central Phoenix. The property commanded a sales price of $3,060,000 or $180,000 a unit. “The unique feature about this building is it is one of the few true value-add properties left in the midtown Phoenix area. The buyer intends to complete a full renovation including all new kitchens, appliances, bath, flooring, and an upgraded exterior with additional parking, its location is in close proximity to the Central Avenue Corridor, the most dense and robust employment corridor in the state,” says Tranetzki.
The property is located at 3358 N. 15th Avenue, Phoenix, AZ 85015.
“Located west of Central Avenue with frontage along Osborn and 15th Avenue the property is minutes from Interstate 17, Interstate 10, and Arizona State Route 51, all of which provide access into north Phoenix the East & West valleys and uptown Phoenix making the property ideally situated for ease of access into multiple employment areas. The property is well situated for a well-educated tenant base post renovation,” says Laakso.