{"id":1004085894,"date":"2013-10-26T12:52:14","date_gmt":"2013-10-26T20:52:14","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=205594"},"modified":"2020-04-28T01:32:58","modified_gmt":"2020-04-28T09:32:58","slug":"diversified-international-alliance-residential-buy-tempe-m-f-asset-for-15m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/diversified-international-alliance-residential-buy-tempe-m-f-asset-for-15m\/","title":{"rendered":"Diversified International, Alliance Residential Buy Tempe M-F Asset for $15M"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Amalia Otet, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">In a $15 million deal, Diversified International Partners and Alliance Residential acquired Dorsey Place, an 84-unit, condominium-style apartment building in Tempe, <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/Dorsey-Place-in-Tempe-Arizona-via-PRNewswire.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-205607\" title=\"Dorsey Place in Tempe, Arizona\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/Dorsey-Place-in-Tempe-Arizona-via-PRNewswire.jpg\" alt=\"\" width=\"300\" height=\"214\" \/><\/a> from Stratford Partners and Pathfinder Partners.<\/p>\n<p style=\"text-align: justify;\">Built in 2007, the four-story, 96,400-square-foot building is located on East University Drive, less than a mile from Arizona State University and near several major corporate projects under construction. It offers two-bedroom and three-bedroom apartment homes with upscale finishes, granite countertops and stainless steel appliances. Community amenities include underground parking, a heated swimming pool in a central courtyard and a resident clubhouse.<\/p>\n<p style=\"text-align: justify;\">San Diego-based Stratford Partners and Pathfinder Partners were represented by Transwestern&#8217;s multifamily team in Phoenix, led by Vice Presidents Jack Hannum and Bret Zinn and Financial Analyst John Drowns.<\/p>\n<p style=\"text-align: justify;\">Diversified International and Alliance Residential, both of Phoenix, plan to add value through such improvements as converting vacant first-floor retail space into residential units, adding a fitness center and renovating common-area amenities.<\/p>\n<p style=\"text-align: justify;\">&#8220;With State Farm currently building 2 million square feet of office space on nearby Tempe Town Lake, there is growing demand for multi-family residential units here,&#8221; commented Hannum in a statement. &#8220;So in terms of timing, this is a win-win for the Dorsey Place buyers and sellers, as well as the City of Tempe.&#8221;<\/p>\n<p style=\"text-align: justify;\">The North Tempe\/University submarket led the area in rent growth during the past year, with average prices rents climbing 12 percent to $1,026 per month. According to Marcus &amp; Millichap Real Estate Investment Services Inc., nearly 1,600 units were brought into service in the past four quarters, which contributed to the spike in rates.<\/p>\n<p style=\"text-align: justify;\">Demand for apartment assets remains strong throughout metropolitan Phoenix, with 147 apartment property sales completed in the 12 months ending October 2013, according to research by\u00a0<a title=\"Pierce-Eislen apartment information service\" href=\"https:\/\/www.pi-ei.com\/OurMarkets\/Market\/Phoenix.aspx\" target=\"_blank\" rel=\"nofollow\">Pierce-Eislen<\/a>. Sales increased 5 percent year over year compared to the same period in 2011-2012. Development is also picking up, with 36 properties and 7820 units currently under construction.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: Transwestern\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a $15 million deal, San Diego, California-based Stratford Partners and Pathfinder Partners sold Dorsey Place, an 84-unit, condominium-style apartment building in Tempe, to a joint venture between Diversified International Partners and Alliance Residential of Phoenix.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[],"class_list":["post-1004085894","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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