Station 19 | 7625 North 19th Avenue, Phoenix, AZ 85021 | 61 Units | $10,126,000 | $166,000 Per Unit | $146.24 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – January 17, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $10,126,000 / $166,000 Per Unit / $146.24 per SF sale of the Station 19 apartment community in Phoenix, Ariz.
The Station 19 transaction consists of 61 garden-style units in the Northwest Phoenix submarket, conveniently located ±1.0 miles from the Interstate-17 freeway to the west, ±4.0 miles from the US-51 freeway to the east and within easy walking istance to the nearest light rail station. The property is located ±1.8 miles north of the 1.2M SF Christown Spectrum Mall retail hub and Grand Canyon University which lies ±3.4 miles to the Southwest.
With 61 units built in 1968 and fully renovated in 2019, Station 19 boasts an extremely attractive unit mix. Comprised 74% of two-bedroom/two-bath units and 26% of three-bed/two-bath, the community offers a large weighted average unit size of over 1,100 SF. The gated community features: Controlled access, laundry facilities, children’s playground with picnic area, swimming pool, covered parking, and an on-site leasing office. Each unit is individually metered for electricity and offers: newly renovated vinyl flooring, stainless steel appliance packages, granite countertops, and brushed nickel fixtures. Washers and dryers are currently present in 20 of 61 units.
ABI Multifamily’s Dallin Hammond, Ryan Smith and Mitchell Drake represented the buyer. The Seller was represented by ABI Multifamily’s Royce Munroe and Ryan Smith.
“Station 19 is ideally located, having major street frontage on 19th Avenue along the light rail” Munroe said. “The Seller purchased the property in 2018 and immediately began making renovations to the common area and to unit interiors, which included adding in-suite washer and dryers”.
“Additionally, the buyer was really able to take advantage of the strong market” Hammond added, “The corridor between the I-17 and US-51 highways is seeing strong transaction volume, this deal is another prime example of this trend”.
The Buyer is a California-based private investment partnership.
The Seller, Westgrove Partners, is a California-based private 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.