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12/06/24
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A private investor from Arizona purchased Rancho Las Palmas Apartments, a 112-unit multifamily property in Tempe, AZ, for $18 mil ($160.7k/unit). Built in 1986, the property sits on 5.27 acres at 1249 E. Spence Ave, south of Apache Blvd and east of Rural Rd.
Rancho Las Palmas Apartments is a garden-style apartment community consisting of six two-story and three-story buildings. The property features a unit mix of 48 one-bedroom units and 64 two-bedroom units with an average size of 777 sf.
Interior amenities include balconies/patios, vaulted ceilings in select units, and fully equipped kitchens with stainless steel appliance packages in select units. Community amenities include a clubhouse, fitness center, swimming pool, spa, laundry facility, gated entry, and ample parking.
Situated in the heart of the North Tempe submarket, the property is within walking distance of the light rail and a short drive to/from Arizona State University’s Tempe campus and Phoenix Sky Harbor International Airport and is surrounded by multiple dining, entertainment, and shopping hubs, including Tempe Marketplace, one of the Valley’s most premier combination lifestyle and power centers with over 100 shops and restaurants approximating 1.3 msf of retail space.
Peter Sherman, Keith O'Donnell and Mark Seale of Avison Young, along with Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick, and Tyler Bruggman of ABI Multifamily, represented the seller, Boca Raton-based Pinnacle Holdings of Florida Inc.
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