Nola on 50th Apartments | 5008 East Thomas Road, Phoenix, AZ 85018 | 155 Units | $37,250,000 | $240,323 Per Unit | $384.83 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ. (October 14, 2022) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $37,250,000 / $240,323 Per Unit / $384.83 Per SF sale of Nola on 50th Apartments, a 155-unit multifamily apartment community located in Phoenix, Arizona. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Eddie Chang, Rue Bax, and Doug Lazovick represented the buyer and seller in this transaction.
The buyer is based in California and the seller is based in Arizona.
Nola on 50th Apartments is a 155-unit apartment community in the East Phoenix submarket (Arcadia) of Phoenix, Arizona. Built in 1979, the property consists of a combination of 12 garden-style and single-story buildings constructed of wood frame, stucco, and pitched composition shingle roofing on approximately a 5.60-acre site. The unit mix consists of (20) studio units, (102) one-bed / one-bath units, (17) two-bed / one-bath units, and (16) two-bed / two-bath units with a weighted average of 624 square feet. The property is individually metered for electricity and all units feature individual HVAC’s and hot water heaters. Unit interiors include: air conditioning / heating, walk-in closets, vertical blinds, ceiling fans, carpeted and vinyl-wood flooring, high-speed internet access in addition to all-electric kitchens equipped with refrigerator, oven/range, dishwasher (select units), microwave (select units), and pantry. Common areas include: dedicated leasing center, pool, spa, dog park, fitness center, two laundry facilities, & covered / open parking. Significant employers in close proximity to the property include the numerous companies located in Midtown, Downtown, and the Camelback Corridor, as well as Banner Health, St. Joseph’s Hospital, U-Haul International, Wells Fargo, JP Morgan Chase, and Phoenix Children’s Hospital.
Situated just east of North 48th Street in between East Osborn Road and East Thomas Road, the property sits approximately one mile from the border with the City of Scottsdale, five miles from the Biltmore area, eight miles northeast of Downtown Phoenix, and is located within the prestigious Lower Arcadia neighborhood. Residents enjoy direct access to all areas of Phoenix by way of Interstate-10, Loop 202, and State Route 51. An abundance of retail, entertainment, and dining options are located within a five-minute drive which include: Fry’s Food and Drug, Target, Costco Wholesale, Petco, Chase Bank, Walgreens, Walmart Supercenter, Hash Kitchen Arcadia, Nook Kitchen Arcadia, Sushi Brokers, and Fox Restaurant Concepts Doughbird. Furthermore, the property is approximately a 10-minute drive away from the Biltmore Fashion Park area where residents have ready access to desirable destinations such as: Macy’s, Saks Fifth Avenue, Lifetime Fitness, AMC Dine-In Theater, the Arizona Biltmore Resort and Golf Club, Tocaya Modern Mexican, The Gladly, Breakfast Club, and a selection of Sam Fox Restaurant concepts such as Zinburger and Blanco Cocina + Cantina.
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.