Thom Slate on Colter | 2542 West Colter Street, Phoenix, AZ 85017 | 123 Units | $13,000,000 | $105,691 Per Unit | $279.57 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (February 28, 2025) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $13,000,000 / $105,691 Per Unit / $279.57 Per SF sale of Thom Slate on Colter, a 123-unit multifamily apartment community located in Phoenix, Arizona. ABI Multifamily's Phoenix-based Institutional Arizona Team facilitated the transaction - Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick, and Tyler Bruggman.
The buyer is based in Arizona.
Thom Slate on Colter Apartments is a 123-unit multifamily community in the West Phoenix submarket just within one mile from Grand Canyon University on the northeast corner of North 27th Avenue and West Colter Street. The property sits minutes from Downtown Phoenix, Phoenix Sky Harbor International Airport, and Downtown Glendale. Residents have convenient access to all areas of Phoenix via the Black Canyon Highway (Interstate 17), Grand Avenue (State Route 60), Papago Freeway (Interstate 10), Ed Pastor Freeway (Loop 202), and Piestewa Freeway (State Route 51). Neighborhood conveniences and services include Walmart Supercenter, Target, Costco Business Center, and Hobby Lobby.
Built in 1974, the Thom Slate on Colter Apartments features a total of 123 units arranged in 10 two-story buildings with wood-frame construction, stucco exterior finishes, and pitched composition roofs situated on approximately 2.37 acres of land. The property underwent a comprehensive renovation between 2020-2023 introducing an updated rental office, new exterior paint, contemporary finishes and landscaping, in addition to modernizing all units. The property is master metered for electricity, domestic hot water, and HVACs and features a unit mix of 59 studio units and 64 one-bedroom / one-bathroom units with a weighted average of 378 square feet. Interior amenities include air conditioning / heating, hard surface flooring, high-speed internet access, in addition to kitchens with refrigerator, oven / range, and microwave. Community amenities include two swimming pools, laundry facilities, barbecue grills and picnic areas, and secure gated entry.
Significant employers near the property include numerous companies located in Midtown and Downtown Phoenix as well as Grand Canyon University (across the street and down the road), Shamrock Foods Company, Abrazo Medical Central Campus, and Phoenix Sky Harbor International Airport.
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.