Tempe Apartment Near Water's Edge Brings $2.28 Mil

TEMPE,AZ-A Tempe apartment complex that's nearby the $50-million recently filled Tempe Town Lake has been purchased by a local investor.

By D.J. Burrough | Updated on December 18, 2000

TEMPE, AZ-A local investor has purchased an apartment complex in Tempe for an average price of $38,000 per unit.

Milovoje and Milomirka Djordjevich of Mesa purchased the Santa Fe Court Apartments, a 60-unit complex at 700 E. Weber Dr. for $2.28 million.

The apartment complex is just north of the Tempe Town Lake, a two-mile long, man-made lake that was built in the riverbed of the Salt River, adjacent to Papago Park and within a mile of Arizona State University. Apartments within a few miles of the sprawling campus are popular with students, which number more than 50,000 at the state university.

The property was sold by Echo Enterprises of Scottsdale, which had owned the property for two years.

The Phoenix office of Marcus & Millchap represented the seller in the transaction, and the Phoenix office of West USA Realty represented the buyer.

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