Park Terrace is a 40-unit, garden-style apartment community located within two blocks of Arizona State University's Tempe Campus where more than 50,000 students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is also on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Area residents enjoy quick light rail connections to shopping at Whole Foods and frequenting the restaurants, bars and entertainment options located on the Mill Avenue district of North Tempe. Numerous dining and shopping options are also in close proximity to the property located at Tempe Marketplace, with 1.3 Million square feet housing over 100 local and national retailers and restaurants. Significant employers in proximity to the property include State Farm, Edward Jones, Medtronic, Amazon, First Solar, and Chase Bank. The property is nestled in the path of progress radiating from development on the shorelines of Tempe Town Lake and the Novus Innovation Corridor. Park Terrace offers residents an attractive mix of well-appointed one and two-bedroom unit types which enjoy quality renovations including new white shaker kitchens and bathroom cabinets, stainless steel appliances, new flooring, faucets, fixtures, and in-suite washers and dryers. All units are individually metered for electricity and enjoy individual water heaters. Park Terrace is an irreplaceable asset in an iconic multifamily neighborhood offering tenants covered parking and the convenience of being located within walking distance of Arizona State University, which is rated No. 1 in the Country for innovation. The property offers the investor a unique value-add opportunity through additional interior and exterior renovations located on a hard-corner parcel, zoned R-4 multifamily residential, with seven-story student housing properties on two sides.
Listing courtesy of ABI Multifamily.
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