Monterey Village Apartments | 4707 East McDowell Road, Phoenix, AZ 85008 | 252 Units | $26,450,000 | $104,960 Per Unit | $157.12 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – March 9, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $26,450,000 / $104,960 per Unit / $157.12 per SF sale of the Monterey Village Apartments in Phoenix, AZ.
The property was built in 1983 and includes 252 garden-style units with lush landscaped grounds. Monterey Village is located on McDowell Road and just a short drive from Downtown Phoenix, Arizona State University, The Phoenix Zoo, Papago Golf Course, Fashion Square Mall, and Sky Harbor International Airport through the major thoroughfares of the AZ-202, 143 Expressway, I-10, AZ-51 and AZ-101 freeways.
The property features a mix of studio, one-bed/one-bathroom and two-bed/two-bathroom units with an average size of 668 SF, of which, a percentage of the units are still encumbered and governed by a regulatory agreement. Common area amenities include: A dedicated leasing office, gated entry, covered parking, laundry facilities, barbecue/picnic areas and pool.
Regarding the transaction, Rue Bax said, "Monterey Village Apartments last transacted in 2011, in the heart of the downturn and the growth in this submarket/area has been tremendous since that time and should continue to improve.”
“The property is also surrounded by some of valley’s biggest entertainment hubs such as Downtown Phoenix, Downtown Tempe, and Old Town Scottsdale which makes this one the rising East Valley locations in the Phoenix Metro” Rue Bax added.
The Buyer, is a private multifamily investment group based in Southern California.
The Seller, is a private investment group based in Phoenix, Arizona.
ABI Multifamily’s Rue Bax, Eddie Chang, Alon Shnitzer, John Kobierowski and Doug Lazovick represented both the Buyer and Seller.
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.