Sierra Verde Villas Apartment Homes | 10525 West Monterosa Street, Phoenix, AZ 85037 | 58 Units | $8,200,000 | $141,379 Per Unit | $134.49 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – January 16, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $8,200,000 / $141,379 Per Unit / $134.49 per SF sale of the Sierra Verde Villas Apartment Homes in Phoenix, Ariz.
The Sierra Verde Villas Apartment Homes transaction consists of 58 individually parceled garden-style units in the Avondale/Goodyear/West Glendale submarket, conveniently located approximately three miles from the Arizona Loop 101 freeway to the east, and surrounded by various shopping and dining offering. The US Interstate 10 freeway lies just less than three miles to the south, making this community central to easy commuting routes.
With an initial 10 units built in 1988 and the remaining 48 units added in 1999, Sierra Verde Villas Apartment Homes boasts an extremely attractive unit mix. Comprised 80% of two-bedroom/two-bath units and 20% of three-bedroom/two-bath units, the community offers a large weighted average unit size of 1,051 SF. The community features private patios, well-kept landscaping and covered parking. Each unit is equipped with its own fully equipped kitchens and washer and dryer hook-ups, with select units featuring full-sized washers and dryers.
ABI Multifamily’s Rue Bax, Alon Shnitzer, John Kobierowski, Doug Lazovick and Eddie Chang represented both the buyer and the seller.
“Sierra Verde Villas offered an exciting opportunity for a value-add acquisition in the West Valley,” Shnitzer said. “The unit mix and size are extremely appealing, and the well-maintained state of the property and units offer a range of attractive options moving forward.”
“The West Valley has experienced significant growth,” Bax said, “and recent economic development has it poised for even greater appeal in the near- and middle-term. The fact that this is an established, condo-mapped community easily accessible from multiple major transportation routes makes it an exciting and appealing investment.”
The Buyer is a group of California-based private investors. The Seller is an Arizona-based private multifamily investment firm.
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm focused 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.