Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Illinois-based Pace Management has made its first Valley buy, putting up $19 million for the 240-unit Riverwalk Apartments. The buyer has scouts out looking for more buys in the area.

San Diego-based Fairfield Residential Inc. developed the property, which is situated at 5345 E. Van Buren St. in the up and coming area of East Phoenix’s 44th Street Corridor. The sales price equates to more than $79,000 per unit.

The Riverwalk Apartments are in an area once considered one of the Valley’s worst. It has made a dramatic turnaround the past five years. New offices and residential projects are driving out less desirable elements that once pockmarked the area. The office submarket has become of the best performing in the Valley.

East Phoenix apartments lease for an average of $708 per month, a figure that’s somewhat dragged down by the substandard properties that remain in the area. The average rent Valleywide is $668 per month. The vacancy rate near Riverwalk is about 6.2% in comparison to 6.6% Valleywide.

Sky Harbor International Airport is about two miles west of the Riverwalk Apartments, and several major freeways are all within a few minutes drive. If issues regarding safety can be resolved, Tempe plans to build the new $335-million football stadium about a mile east of the apartments. That project is sure to attract dozens of new amenities, including hotels, restaurants, shops and bars.

Seller Fairfield Residential has been on a selling spree for several years in the Valley. The multifamily developer also has it Red Rock Villas, a 360-unit complex adjacent to the Riverwalk, on the market and is said to be asking nearly $30 million for the holding. The Phoenix office of Hendricks & Partners, with brokers Mark Forrester and Bob Bruno, negotiated Riverwalk’s sale and hold the Red Rock Villas’ listing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.