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TEMPE, AZ-A Fountain Hills, AZ buyer has purchased the 56-unit Casa Grande Apartments for $2.6 million, picking up a potentially solid-performing multifamily property with an eye toward new leases in Tempe’s active multifamily market.

“It’s a very nice building with block construction and concrete floors on the second and third floors,” Karl Abert of Marcus & Millichap in Phoenix tells GlobeSt.com. Located at 1855 E. Don Carlos Ave., the 17-year-old Casa Grande features 52 two-bedroom units and four three-bedroom units in three-story buildings. Monthly rents range from $575 for a 735-sf, two-bedroom apartment to $750 for a 900-sf, three-bedroom apartment.

Abert says the buyer, Shallendar LLC, closed the deal at a 4.28% cap rate. The project had 12 vacancies at closing. Ric Holway of Marcus & Millichap’s Phoenix office represented the seller, Cotta Investments LLC, of Milwaukie, OR.

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