1835 E Don Carlos, Tempe, AZ 85281
- Dynamic North Tempe Location With High Barriers to Entry
- Attractive Resort-Style Grounds With a Large Sparkling Swimming Pool
- Value-Add Upside Through a Market-Level Interior Renovation and Installing In-Suite Washers and Dryers
- Updated Communities in the Competitive Rental Set Achieve Premiums of ±$200/Unit
- Strong Area Fundamentals (Submarket Rents Averaged ±$1,432 and Increased 9.15% Year-Over-Year)
- Nearby Arizona State University – Tempe With On-Campus Enrollment Exceeding 54,000
- Minutes From the Loop 101 Freeway, Tempe Marketplace, and the Valley Metro Light Rail
Property Description
CBRE is pleased to present The Atrium, a 39-unit value-add opportunity in the dynamic North Tempe submarket. The community was built in 1972 with block construction, pitched composition shingle roofs, and is individually metered for electricity. The asset was recently upgraded in 2022 by decommissioning the chiller/boiler system, installing roof-mounted HVAC units, and replacing the master electric meters with new 100-amp panels and individual meters.
The Atrium represents a rare opportunity for an investor to renovate/re-position the asset and attain an average market rent premium of $200 per unit. In addition, current rents in North Tempe average $1,432 per unit and have increased 9.15% year-over-year, underscoring the tremendous growth potential of the submarket.
