ABI entered into two apartment purchase deals this week with a total value of $120 million

ABI Multifamily, the leading multifamily brokerage and advisory services company in the western United States, announces $75,000,000 / $312,500 per unit / $405.95 for the sale of Sanctuary at Broadway Apartments, a multi-family residential community consisting of 240 units located in Tempe, Arizona. The Phoenix-based group of ABI Multifamily’s institutional apartments—Alon Schnitzer, Bucks Street, Eddie Chang, Doug Lazovic and Royce Munro of ABI Multifamily’s—represented the seller in the transaction.

The buyer is based in Washington, and the seller is located in Arizona.

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Constructed in 1971 with partial renovations in 2008, 2014, and 2019, Sanctuary on Broadway Apartments comprise 240 units arranged in 13 two- and three-story buildings with wood structure, stucco exterior finishes, and pitched tiled roofs located on approximately 9.08 acres of ground. Community amenities include: two swimming pools, spa, laundry facilities, fitness center, business lounge, clubhouse, children’s playground, picnic areas with BBQ grills, bike room, and gated entrance.

The property consists of 96 two-bedroom / one-bathroom units, 108 two-bedroom / one-bath units, and 36 two-bedroom / one-and-a-half-bedroom units with a weighted average of 770 square feet. The renovated units feature large windows, enhanced ceramic tile/artificial wood floors as well as galley kitchens with granite-style counters and white cabinets connecting to separate dining areas. In addition to stylish bathrooms with Hollywood accents, each unit has spacious bedrooms with ample wardrobe space and a private patio or balcony. Select layouts that include washing machines in the home.

The property is located just minutes from several employment drivers including Arizona State University, State Farm Insurance, SRP, JP Morgan Chase Bank, Amazon offices, and ABM Industries Inc. , Wells Fargo Bank and Honeywell, and has easy access to major transportation arteries such as I-10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), SR-143 (Hohokam Expressway), US-60 (Superstition Freeway) as well as To Phoenix Sky Harbor International Airport. Sanctuary on Broadway residents also have easy access to an abundance of retail amenities on the Downtown Tempe’s Mill Avenue corridor and expansive outdoor entertainment venues.

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