Avanti Apartments | 2939 North 36th Street, Phoenix, AZ 85018 | 30 Units | $4,800,000 | $160,000 Per Unit | $285.71 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ. (July 14, 2023) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $4,800,000 / $160,000 Per Unit / $285.71 Per SF sale of Avanti Apartments, a 30-unit multifamily apartment community located in Phoenix, Arizona. The buyer was represented by ABI Multifamily's Mitchell Drake, Dallin Hammond, and Carson Griesemer.
The buyer is based in Arizona and the seller is based in California.
Avanti Apartments features 30 units consisting of (28) one-bedroom / one-bathroom units and (2) two-bedroom / one-bathroom units averaging 560 SF in size. The property was built using block construction in 1981 and has been recently renovated with items including a new roof and resurfaced pool. 90% of the units have been updated with new vinyl-plank flooring, appliances, cabinets, and bathrooms. There is also a laundry facility on-site and covered parking for residents. Additionally, there is a light value-add opportunity through further renovations to enhance the property.
The property is in a prime South Arcadia location and is minutes away from a multitude of local area amenities including: the Biltmore District, 7th Street Restaurant Row, SR-51 freeway, and Phoenix Sky Harbor International Airport. This property is also located near the Camelback Corridor, which continues to grow and combines significant office space with trendy restaurants and high-end retail establishments. Within a bike’s ride distance, tenants are sure to enjoy the boutique eateries which include La Grande Orange Restaurant, The Porch, The Vig, and much more.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, San Diego, and Tucson, 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.