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Sanctuary on Broadway

Market: Tempe, AZ
Built in: 1971
Units: 240
Acquired:  August 2017

Sold: Late 2020

Property Characteristics

Located at Broadway Road and Priest Drive, Sanctuary on Broadway is situated in an area highly concentrated with technology firm employees. The property features spacious one and two-bedroom apartments within close proximity to major Valley freeways, Arizona State University, and the unique shops, restaurants, and entertainment of Tempe Town Lake and Mill Avenue.

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Improvements Applied

The physical plan of this property includes spacious floor plans demonstrating “excellent bones” and providing an opportunity to position the property as an attractive rental option for years to come. This was enabled through selective exterior upgrades, updates to the common areas, and a modest interior renovation program. More specifically, painting the entire property exterior, complete renovation and remodeling of the leasing office, clubhouse and fitness center, resurfacing the pool, and adding new pool furniture and a barbeque station in addition to major landscaping improvements. Most of the units were renovated including vinyl flooring, new kitchen cabinets, appliances, and fixtures. In addition, the property was rebranded with a new name and logo. These improvements, in addition to numerous successful operating changes, led to a successful disposition in late 2020 with returns to investors much higher than originally projected.

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