Apartments Sell for $12.5 Million

TEMPE, AZ-Drawn by low vacancy rates, California investor pays hefty $80,100 per unit.

By D.J. Burrough | August 05, 2000 at 01:01 AM

The company purchased for $12.5 million the Arpeggio Rental Condominiums, a 156-unit development not far from Arizona State University. The seller was SKN Development of San Francisco.

Little development has occurred in land-short Tempe in recent years, pushing vacancy rates lower and multifamily values higher. Tempe is popular with renters because of its central location and its close proximity to the ASU campus.

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