ABI Multifamily announced the sale of 22 of 54 units at Rialto Condominiums, a community near Arizona State University (ASU). Converted and renovated with condo grade finishes in 2006, the 22 units with HOA control sold for $1,530,435 or approximately $69,565 per unit.
“The economic activity and development happening in Tempe has been very exciting. ASU has long been the primary economic driver and as the employment base grows and diversifies, the submarket continues to evolve as a premier destination of the entire Southwest. In general, partial condo transactions have a tendency to be challenging to complete. Fortunately we have an attitude that if there is a will there is a way here at ABI and we were happy to participate in helping bring the parties together and ensure a successful transaction for everyone involved,” stated Eddie Chang, Partner at ABI and the lead broker for this transaction.
ABI Multifamily played an integral role in bringing the deal to fruition.
Built in 1985, the property was converted to condominiums in 2006. With washer/dryers in every unit, many of the units were also renovated with new ceramic tile in bathrooms and kitchens, new lighting, doors, hardware and 2-tone interior paint. The remodeled units also feature wood flooring, new cabinets, granite countertops and stainless steel appliances.
The property is located within one mile from the most vibrant and dynamic part of the Phoenix Metro with over $1B in economic development activity around Arizona State University and Downtown Tempe-Mill Avenue. The well maintained property with a beautiful park like atmosphere and easy access to major freeways, is consistently in high demand and well positioned to attract a higher income demographic as evident by the property’s historical high occupancy and rents.
The property sits on nearly 2.5 acres of land with 7 total buildings, a dedicated Sales Center, and ample covered and uncovered parking options. Rialto Condos is constructed of wood frame and stucco.
The buyer was California based and the seller is based in Arizona.
The Phoenix based ABI Multifamily brokerage team of Eddie Chang, John Kobierwoski, Alon Shnitzer, Rue Bax, and Doug Lazovick represented the buyer in this transaction.
