Ownership of Sanctuary on Broadway, a 240-unit multifamily apartment property located in Tempe, AZ, recently completed redevelopment of the leasing office, business center and fitness center. Due to these improvements and its location, the asset recently sold for $42.75 million, which equates to $178,125 per unit and $231.39 per square foot.

Constructed in 1971 with partial renovations applied in 2008, 2014 and 2019, Sanctuary on Broadway features 240 units arranged in 13 two- and three-story buildings on approximately 9.08 acres. The property consists of a unit mix of one- and two-bedroom floor plans with an average unit size of 770 square feet.

The asset is near numerous employment drivers including Arizona State University, State Farm Insurance, SRP, ABM Industries Inc., Wells Fargo Bank and Honeywell, downtown Tempe’s Mill Avenue corridor, and has access to major transportation arteries in addition to Phoenix Sky Harbor International Airport.

ABI Multifamily’s Rue Bax, Royce Munroe, John Kobierowski, Alon Shnitzer, Doug Lazovick and Eddie Chang represented the buyer and seller in this transaction. The buyer is based in Arizona and the seller is based in California.

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