The 240-unit community sold for $75 million, or $312,500 per unit. The Sanctuary on Broadway, in Tempe, was built in 1971 and has had numerous upgrades since.
The property consists of 13 two and three-story buildings spread out over 9.6 acres. The community is minutes away from Arizona State University, the Salt River Project, and Amazon’s corporate offices.
The development has two swimming pools, fitness center, clubhouse, a children’s area and picnic areas. ABI represented the seller. CBRE represented the buyer. Neither the buyer or seller were disclosed.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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