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 ''in-person'' students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Additionally, numerous dining and shopping options are in close proximity to the property including Tempe Marketplace, one of the most popular destinations in the Phoenix Metro, with 1.3 Million square feet housing over 100 local and national retailers and restaurants. Significant employers in proximity to the property include Arizona State University, State Farm, Salt River Project, Honeywell, Express Scripts, and First Solar. All of these aspects make Park Terrace a highly desirable community for all of its residents.
Park Terrace has an attractive mix of one and two-bedroom unit types. All units are individually metered for electricity. Park Terrace is an irreplaceable asset in an iconic multifamily neighborhood offering tenants the convenience of an on-site laundry facility and covered parking while being located within walking distance of Arizona State University. The property offers the investor a unique value-add opportunity through additional interior and exterior renovations located on a parcel zoned R-4 with seven-story student housing properties on two sides.