A 16-unit multifamily property, Verde Palms Apartments, was sold to a Utah-based investor for $1,250,000, which comes to $78,125 per unit.

Verde Palms Apartments is made up of 16 units, all of which are 2 bedroom/1 bath apartments.  The property is located at 1010 S. Smith Road in Tempe

Sara Caldwell with Blue & Gold Properties purchased the property from Paul Adams with California-based Palsm, LLC. Adams was represented by Alon Shnitzer with ABI Multifamily in Phoenix.

Rich Newton with Stewart Title Agency handled the million dollar sale transaction.

Multifamily advisor Carrick Sears with SVN|Desert Commercial Advisors brokerage in Phoenix represented Caldwell.

This property is a two-minute drive to the nearest local university hangout, Four Peaks Brewing Company, Portillo’s, Buffalo Wild Wings, and the popular Improv Comedy Club.

“I am always happy to help out-of-state buyers that want to invest in properties in Arizona.  This will be a great starter multifamily property for them,” Sears said.