Tempe Townhome Rental Building Acquired for $13.1 Million

The 18-unit, Farmer Avenue Lofts townhome property was acquired by Blueprint Capital. Built in 2008, the buyers paid $728,000 per unit.

Located at 354 Farmer Avenue, the property is near the Loop 202 Freeway, Mill Avenue Entertainment District, Arizona State University (ASU) and Sky Harbor Airport.

The units average 2,500 square feet and have granite countertops, high end cabinets, balconies, garages and a private rooftop deck.

A group of four representatives from CBRE acted on behalf of the buyer and seller. CBRE’s Brian Smuckler says the area is on an upward swing, “Investors are particularly attracted by this area’s growth potential from the recent construction of mixed-use developments, the emerging corporate tech footprint, and the expansion of ASU.”