Mountain Gate Apartments | 4602 East Paradise Village Parkway North, Phoenix, AZ 85032 | 132 Units | $22,250,000 | $168,561 Per Unit | $197.76 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ (September 29, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $22,250,000 / $168,561 per Unit / $197.76 per SF sale of Mountain Gate Apartments, a 132-unit property in Phoenix, AZ.
Built in 1981, Mountain Gate presents a value-add opportunity through interior and exterior renovations. The property consists of a one, two, and three-bedroom units averaging 858 SF with a master chiller for cooling and individual unit electric meters. The selling entity was the original developer.
The community is located adjacent to the Paradise Valley Mall, presenting walkability to a plethora of shopping and dining. In addition, the location is nearby Roadrunner Park, numerous hiking trails as part of the Phoenix Mountains Preserve recreation area, golf courses, and easy access to the AZ-51.
Mountain Gate features a large amount of community amenities for its residents such as: A basketball court, tennis court, pool, spa, laundry facilities, walking/biking trails, grills, picnic areas, cabanas, and a fitness center. Interior amenities for each unit include: Refrigerator, dishwasher, garbage disposal, pantry, oven / range, air conditioning / heating, storage units, double vanities, walk-in closets, ceiling fans, high speed internet access, and patios / balconies.
Alon Shnitzer, Senior Managing Partner at ABI Multifamily, said, “This property is in a phenomenally convenient location. Only being a five-minute walk away from a thriving valley Costco, anchored to Paradise Valley Mall and less than a mile away from all of the major big-box retailers like Target, Walmart, Sprouts Farmers Market, Best Buy, and numerous dining options. Mountain Gate is essentially a stone’s throw from every necessity a resident would need.”
Rue Bax, Senior Managing Partner at ABI Multifamily, said, “This deal presents a robust opportunity to enhance the property by upgrading the communities' common areas and interiors to more current standards, establishing a high upside in value for the buyer.”
ABI Multifamily’s Alon Shnitzer, Rue Bax, Doug Lazovick, John Kobierowski, and Eddie Chang represented the buyer.
The buyer and seller are both California-based private investment firms.
ABI Multifamily (http://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.