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12/19/12
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A 91-unit multifamily property located at1224 and 1222 Lemon Ave in Tempe, AZ sold for $3.6 mil, or $39.6k/unit. The property, which consists of the Fiesta Park and George Ann Apartments, is located in a prime area of Tempe, just two blocks away from Arizona State University.
The property, built in the 1960s, consists of 65 two-bedroom and 26 one-bedroom units. It is well-suited for the college students in the area, with such property amenities as a swimming pool, laundry facilities and central air. Located just two blocks from Arizona State University, the property has onsite parking and ample access to public transportation.
At the time of sale, the properties were 70% occupied. The sale came in at a 6.12% cap and a price of $52/sf.
Tom Papoulias of NAI Capital represented the seller, Clancy International, in the transaction. The buyer was Jonathan Schoene, a 1031 exchange investor out of Beverly Hills who sold all his multifamily apartments in 2004 and is now re-positioning his equity from California back to Arizona.
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