PRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Brokers Renovated Complex near Arcadia
Phoenix, AZ – January 13, 2017 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $598,000 / $99,667 Per Unit sale of the 3231 N 37th St Apartments, a 6-unit apartment community located in Phoenix, Arizona.
3231 N 37th St Apartments | 3231 North 37th Street, Phoenix, AZ 85008 | 6 Units
Built in 1963, Renovated in 2016 | $598,000 | $99,667 Per Unit | $124.58 Per SF
The property is a single-story apartment community, built of solid block construction and comprised of three duplexes built in 1963 and completely renovated in 2016. The property consists of all (6) 2-bed/1-bath units with an average size of 800 square feet. Each unit is individually metered for electricity and features all new flooring, appliances, cabinets, attached carports and enclosed backyards.
"The property is located at the epicenter of all the major redevelopment projects occurring along both 36th and 37th Street in the East Phoenix Submarket/Arcadia District," states Ryan Smith, Vice President at ABI who represented the Seller. "The Buyer," states Royce Munroe, Vice President at ABI who represented the Buyer, "saw a great opportunity to purchase an impeccably rehabbed project with substantial upside in rents and in an area where there is significant demand."
The Seller was a private multifamily partnership based out of California.
The Buyer was a private multifamily investor based in Arizona.
The Phoenix based ABI Multifamily brokerage team of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch and Nathan Bruer represented the Buyer and Seller 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.