Real Estate Intelligent Marketing (REIM) is pleased to announce the sale of The Hardy, a 20-unit new construction townhome community in the heart of Tempe, Arizona. The Hardy sold for $10,000,000 or $500,000 per unit. This is the highest price per unit sale in Tempe in the past year for new construction townhome product.
The fully leased community comprises of all three-bedroom, three-bathroom, 1,707 square foot townhomes in three story buildings. All units have attached tandem garages, stainless steel appliances and in unit laundry. Built in 2019, the property is located less than a mile from Arizona State University. Amenities at the complex include a resort style pool, fitness center, barbecue and dog park.
Real Estate Intelligent Marketing senior managing member Victoria Miachika and managing member Deanne Miachika represented the seller in the transaction. Deanne said in a statement that new construction continues to take precedence over value add in the current Phoenix market, as returns compress due to competition and increased property values. The Hardy is a brand-new community and core product in a hard to access submarket, and the buyers were able to capitalize on this. The property is extremely well located and is accessible to Tempe’s Downtown core, ASU Campus, and various employers, which explains the high rental demand, 100% occupancy, and A class market rents.
REIM assisted seller/developer Pacific Rim Property Investments with the acquisition of the one-acre project site in 2017. Since then, REIM consulted with the developer on construction, design, marketing, leasing and disposition of The Hardy. REIM and Pacific Rim have five other projects in the pipeline.
About Real Estate Intelligent Marketing (REIM):
REI Marketing is an innovative Real Estate Marketing Company that offers distinctive real estate services to developers and multifamily investors. We are a vibrant, dedicated team of industry professionals with international experience in marketing and multifamily investment.