Ascent On Spence 1249 E Spence Ave 112 Unit Apartment Building $20,000,000 ($178,571/Unit) Tempe, AZ 85281

Situated just south of East Apache Boulevard and west of South McClintock Drive within the North Tempe submarket, Ascent on Spence is a 112-unit, garden-style multifamily community consisting of six two- and three-story buildings on a 4.93-acre lot. The property is within walking distance of the light rail and a short drive from Arizona State University’s Tempe campus and Phoenix Sky Harbor International Airport along with multiple access points to all areas of Phoenix by way of the Red Mountain Freeway (Loop 202), Piestewa Freeway (State Route 51), Pima Freeway (State Route 101), Hohokam Expressway (State Route 143), and the Papago Freeway (Interstate 10). Immediate neighborhood conveniences and services include Safeway, Staples, Ace Hardware, Busan Mart, and CVS
The property is surrounded by multiple dining, entertainment, and shopping hubs, including Tempe Marketplace, one of the Valley’s most premier combination lifestyle and power centers with over 100 shops and restaurants approximating 1.3 million square feet of retail space, including Target, Best Buy, JCPenney, Barnes & Noble, H&M, Dave & Buster’s, and Harkins Movie Theater. Additionally, the Mill Avenue entertainment district in downtown Tempe, Scottsdale Fashion Square Mall, Chandler Fashion Square Mall, and the multitude of event venues and dining options at downtown Phoenix are all within an approximate 25-minute drive from the property.
Constructed in 1986 using wood frame and stucco construction and flat roofing, the property features a unit mix of 48 one-bedroom / one-bathroom units and 64 two-bedroom / two-bathroom units with a weighted average of 777 square feet. Each unit is individually metered for electricity and features individual HVACs and hot water heaters. Interior amenities include air conditioning / heating, vinyl wood flooring, linen closet, patio / balcony, access to cable and high speed internet, ceiling fans, and fully equipped energy-efficient kitchens with refrigerator and freezer, oven / range, microwave, dishwasher, garbage disposal, and microwaves. Community amenities include a dedicated leasing office, swimming pool and two spas, clubhouse with a sitting area, billiards table, and bathrooms, laundry facility, fitness center, bike storage racks, package locker, dog park, barbecue grills and picnic areas, and open / covered parking.
Significant area employers include Amazon, Carvana, GoDaddy, ADP, State Farm Insurance, Salt River Project, Chase Bank, and Arizona State University.