Cascada Del Sol Apartments | 1502 West Glendale Avenue, Phoenix, AZ 85021 | 166 Units | $26,726,000 | $161,000 Per Unit | $279.02 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ. (June 28, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $26,726,000 / $161,000 Per Unit / $279.02 Per SF sale of Cascada Del Sol Apartments, a 166-unit multifamily apartment property located in Phoenix, Arizona.
Built in 1974 Cascada Del Sol consists of 166 garden-style units and represents a value-add opportunity through interior and exterior renovations. The property features a mix of 54 studio units, 68 one-bedroom / one-bath units, 28 two-bedroom / one-bath units, and 16 two-bedroom / two-bath units with a weighted average of 577 SF. The community’s amenities include a swimming pool with furnished sun deck, clubhouse, picnic areas with BBQ grills, laundry facility, 24-hour automated package center, and open / covered parking.
Cascada Del Sol is located in the Northwest Phoenix submarket, between the I-17 and SR-51 freeways and approximately four miles from Grand Canyon University. The property is also near the Glendale/19th Avenue Light Rail Station and a block away from numerous shopping, dining and entertainment options at Christown Spectrum Mall. Having the light rail within walking distance (0.6 miles) creates a convenient travel option for residents allowing for easy access to the rest of the Phoenix metropolitan area.
ABI Multifamily's Phoenix-based Institutional Apartment Group - Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick brokered this transaction.
The Buyer is Rise48 Equity, a Phoenix-Based Real Estate Firm.
The seller is based in Canada.
ABI Multifamily (https://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.