North Central Phoenix Apartment Community Trades for $2.187M

Los Jardines | 837 East Montecito Avenue, Phoenix, AZ 85014 | 28 Units | Built in 1981 | $2,187,500 | $78,125 Per Unit | $110.49 Per SF

Los Jardines | 837 East Montecito Avenue, Phoenix, AZ 85014 | 28 Units | Built in 1981 | $2,187,500 | $78,125 Per Unit | $110.49 Per SF

PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com

North Central Phoenix Apartment Community Trades for $2.187M

Phoenix, AZ – September 1, 2017 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,187,500 / $78,125 Per Unit sale of the Los Jardines Apartments, a 28-unit apartment community located in Phoenix, Arizona. The property is a two-story apartment community, built of solid block construction in 1981 and rests on 0.90 acres. The property features (12) 1-bedroom and (16) 2-bedroom/2-bath units with an average size of 753 square feet with each unit individually metered for electricity.

“The property is located just a couple blocks from Steele Park and is literally minutes from all the major job and development projects occurring in Midtown and farther north along 7th and 16th Streets,” states Royce Munroe, Vice President at ABI who represented the Buyer. “The Buyer saw a great opportunity to purchase a rehabbed project with substantial upside in rents and in an area where there is significant demand.”

The Seller was a private investor based in Arizona.

The Buyer was a private investor based in California.

The Phoenix based ABI Multifamily brokerage team of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch and Nathan Bruer represented the Buyer in this transaction.

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.