Pinnacle Holdings Of Florida Sells Rancho Las Palmas Apartments In Tempe For $18 Million

A multifamily property located at 1249 East Spence Avenue, Tempe, AZ, was sold for $18,000,000. The asset spans 5.27 acres and consists of 112 units, resulting in a price per unit of $160,714.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $18,000,000
• Address: 1249 East Spence Avenue
• Market: Tempe, AZ
• Acres: 5.27
• Units: 112
• Price Per Unit (PPU): $160,714
• Seller: Pinnacle Holdings of Florida, Inc
• Brokers: Alon Shnitzer, Rue Bax, Doug Lazovick, Eddie Chang & Tyler Bruggman - ABI Multifamily; Keith O'Donnell, Mark Seale & Peter Sherman - Avison Young

The transaction was co-brokered by ABI Multifamily and Avison Young, with a private Arizona investor acting as the buyer. Avison Young successfully managed the sale on behalf of Pinnacle Holdings, underscoring its role in the real estate market.