Situated on the northeast corner of East Lemon Street and South Terrace Road within the North Tempe submarket, the Regency Apartment Homes is a condo-mapped 44-unit, garden-style student housing community consisting of five two-story buildings on a 1.12-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 Trader Joe’s, Safeway, Walgreens, Whole Foods, and Ace Hardware. 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 20-minute drive from the property. Constructed in 1963 using block construction and flat roofing, the property was completely repositioned between 2012 - 2013 and features a unit mix of 10 studio units and 34 one-bedroom / one-bathroom units with a weighted average of 463 square feet. Each unit is individually metered for electricity, features roof-mounted HVAC’s, and a master boiler for hot water serves all the units. Interior amenities include air conditioning / heating, granite countertops, custom Italian cabinetry, polished porcelain tile flooring (select units), alpine maple wood flooring (select units), private patio or balcony, and fully equipped kitchens with stainless steel appliance packages. Community amenities include a salt water swimming pool, laundry facility, gated entry, and covered parking. Significant area employers include Amazon, Carvana, GoDaddy, ADP, State Farm Insurance, Salt River Project, Chase Bank, and Arizona State University.