Desert Pine | 2011 North 51st Street, Phoenix, AZ 85008 | 19 Units | $2,750,000 | $144,737 Per Unit | $202.15 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – January 24, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $2,750,000 / $144,737 Per Unit / $202.15 per SF sale of the Desert Pine Apartments in Phoenix, Ariz.
The Desert Pine Apartments transaction consists of 19 garden-style units in the East Phoenix submarket, A prime location near to major freeways and Sky Harbor International Airport. The property is well-situated with ease of access to Downtown Phoenix, Arcadia, Scottsdale, and Tempe.
With 19 units built in 1979, the Desert Pine Apartments presents an attractive value-add opportunity through interior and exterior renovations. The community features new roofing, newer A/C units, on-site laundry and is individually metered for electricity and hot water. The unit mix primarily consists of one-bedroom units with an average size of 716 SF.
ABI Multifamily’s Royce Munroe represented the seller in the transaction.
Regarding the transaction, Munroe said “The Seller purchased Desert Pine Apartments over 15 years ago and it has been a solidly performing asset across its life, particularly given the growth and development that has transformed the area over the years.”
The Buyer and Seller are both Arizona-based private investors.
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.