220 West Cherry Avenue | 220 West Cherry Avenue, Flagstaff, AZ 86001 | 10 Units | $1,650,000 | $165,000 Per Unit | $202.31 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – January 9, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $1,650,000 / $165,000 per Unit / $202.31 per SF sale of 220 West Cherry Avenue Apartments in Flagstaff, Ariz.
The property was built in 1966 and features 10 large, block-constructed, mid-century units. 220 West Cherry Avenue Apartments is located in the heart of Downtown Flagstaff, within walking distance to The Orpheum Theater, Heritage Square, Wheeler Park, and all that Downtown Flagstaff has to offer. NAU Campus is just a short bike ride away for students.
The property is a great value-add opportunity that features a unit mix of one- and two-bedroom offerings, primarily two-bed two-bath floorplans, with an average size of 816 SF. This transaction was executed in an extremely supply-constrained market where very few transactions occur for properties/locations of this caliber.
ABI Multifamily’s Patrick Burch and John Klocek, represented the Buyer in the transaction.
Regarding the transaction, Burch said, "The Flagstaff market is one that we are very excited about and believe in very strongly long term, although it is extremely hard to find anything available, especially in the downtown area. We have a lot of investors interested in buying up there and were happy to find this deal, as we think it is an amazing opportunity in an A location.”
The Buyer is a private investor based in Arizona. The Seller is an investment group based in Arizona.
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, 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.