Sanctuary on 22nd | 8530 North 22nd Avenue, Phoenix, AZ 85021 | 266 Units | $31,827,500 | $119,652 Per Unit | $151.88 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – December 10, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $31,827,500 / $119,652 Per Unit sale of Sanctuary on 22nd located in Phoenix, Arizona. Built in 1985, Sanctuary on 22nd rests on approximately 10.14-acres and underwent an exterior & partial interior renovation in 2016. The community features a newly renovated fitness center, contemporary clubhouse with fireplace, coffee bar, and social patio, business center, BBQ grill area, and two resort-style pools with cabanas and spa. The interior amenities include two tone paint, contemporary backsplash in kitchen, black appliance package, luxury wood plank vinyl flooring, contemporary light and plumbing fixtures, full-size washer & dryer, spacious closets, and newly updated white cabinets with brushed nickel & finished hardware. This community is located in one of the top locations in Phoenix near North Mountain and just a half mile from the light rail.
"The Seller had executed their plan to fully renovate the exterior and amenities and approximately half the units. With road map in-hand, the Buyer can add additional value by completing the interior renovations" states Rue Bax, Senior Managing Partner and lead broker for the selling entity.
"The Buyer was drawn to the property's proximity to the light rail and the Metro Phoenix Commerce Center, whose tenants include DeVry University and Chamberlain College" states Doug Lazovick, Partner and lead broker for the buying entity.
The buyer is a California-based investor.
The seller is a California-based investment group.
The multifamily brokerage team of Rue Bax, Doug Lazovick, John Kobierowski, Alon Shnitzer, and Eddie Chang represented the seller in this transaction.
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.