Riviera Village in Tempe sells for $10M
Berkadia announced, Wednesday, the sale of Riviera Village, a multifamily property located at 1532 S. Price Road in Tempe.
Senior Managing Director Mark Forrester, Managing Director Ric Holway, Vice President Dan Cheyne and Associate Tom Wolff of the Phoenix office completed the $10 million sale. The deal closed on February 29.
The buyer, Riviera Partners, LLC, of Scottsdale, Arizona plans to reposition the property through renovations. The seller was MRI Saddlehorn Riviera Investment Fund, LLC of Santa Monica, California.
“In addition to rent-growth potential, the layout and the low density of the property were attractive to the buyers,” Forrester said. “The single-story community averages just 15.9 units per acre, which is among the lowest in the densely populated city of Tempe.”
Built in 1980, Riviera Village is a 165-unit property that offers one- and two-bedroom floor plans. Units come cable ready and include refrigerators, dishwashers, microwaves, disposals and private balconies.
Community amenities include a pool, fitness center, clubhouse, business center with Wi-Fi access, basketball court, picnic areas with barbecue grills, playground and a 24-hour laundry facility.
Accessible by U.S. Highway 60 and State Route 101, the property is located two miles from Tempe Marketplace and seven miles from Arizona Mills. The area’s top employers include UPS, Arizona State University, State Farm and Banner Health.
Metro-wide asking rents advanced 6.2 percent annually to $914 per month in December 2015. At the same time, overall vacancy decreased 30 basis points to 5.6 percent.