Palmetto Cottages on 12th | 4248 North 12th Street, Phoenix, AZ 85014 | 11 Units | $2,805,000 | $255,000 Per Unit | $374.00 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ. (June 2, 2022) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $2,805,000 / $255,000 Per Unit / $374.00 Per SF sale of Palmetto Cottages on 12th, an 11-unit multifamily apartment community located in Phoenix, Arizona. The buyer was represented by ABI Multifamily's John Klocek and Patrick Burch. ABI Multifamily's Dallin Hammond, Mitchell Drake, and Carson Griesemer represented the seller in this transaction.
The buyer and seller are based in California.
Built in 1947 and renovated in 2019, Palmetto Cottages on 12th consists of 11 garden-style units. The property features a mix of 1 large studio unit, 7 one-bedroom / one-bath units, and 3 two-bedroom / one-bath units with a weighted average of 682 SF. The interior renovations include in-suite washers / dryers, brand-new walnut countertops, new wall display cabinets, vinyl flooring, raised ceilings, and smart locks for each unit. Exterior renovations include a large parking lot in the front, new frontside block wall to give the courtyard a secluded feel, beautiful desert landscaping, brand-new HVAC units, a completely replaced sewer line on the south building, and more.
Palmetto Cottages on 12th is located within the North Central Phoenix submarket, between the I-17 and less than a mile from the SR-51 freeway. The property sits just two miles from the Biltmore area, four miles north of Downtown Phoenix, and has easy access to all the dining, entertainment, and employment opportunities of both Uptown and Midtown Phoenix.
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, 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.