Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

TEMPE, AZ-The 466-unit Rio Salado, part of a 2,434-unit portfolio brought to market in June, has been sold to JPMorgan Chase & Co. for $84.7 million. In turn, Trillium Residential LLC has pulled the remaining high-end assets, many unfinished, off the market.

Tyler Anderson, vice chairman for CB Richard Ellis in Phoenix, says there were pre-sale offers for the other complexes as well as Rio Salado at 1033 N. Parkside Dr. “Due to the capital markets, it really impacted the pricing negatively on the other projects,” he tells “The market has changed to a more fundamental one, which is demanding stabilized properties.” As a result, the Tempe-based developer plans to sell the remaining assets as one-offs as they come on line and are stabilized.

Anderson says the 96%-leased Rio Salado is a core asset and a stable one that generated many offers. JPMorgan Chase’s strength in closing deals was the dealmaker for the seller, says Anderson, who partnered on the sale with CBRE vice chairman Sean Cunningham and first vice president Jack Hannum.

Anderson says the Rio Salado sale, at $182,000 per unit, is not the highest the market has seen in recent years. “We’ve had a number of buildings trading here at $200,000 per unit in the past,” he says. “But given the market conditions, this could be the high-water mark for this year.”

Completed in 2006, Rio Salado has a mix of studio units as well as one-, two- and three-bedroom apartments measuring from 849 sf to 1,273 sf. Monthly rents go from $1,002 to $1,723. Sares-Regis Group in Irvine, CA will lease and manage the complex for the New York City-based buyer.

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?


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 now!

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

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