Village 38 | 3244 North 38th Street, Phoenix, AZ 85018 | 13 Units | Built in 1969 | $2,222,500 | $170,962 Per Unit | $227.95 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – October 26, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,222,500 / $170,962 Per Unit sale of Village 38 apartment community located in Phoenix, Arizona. Built in 1969, the single story, individually metered, fully gated property was built of solid block construction and rests on approximately 0.93-acres. Village 38’s unit mix consists of all two-bed / one-bath units that are all approximately 750 SF. 85% of apartments have private backyards and interior amenities include upgraded black or stainless appliances, white cabinetry, quartz countertops, vinyl wood plank floors, tile backsplash, new fixtures and finishes. The majority of the apartments also contain an in-unit washer/dryer. Additionally, Village 38 Apartments also offers residents with reserved covered parking spots. The location of the property is in the prestigious Arcadia Lite Neighborhood in Phoenix, AZ.
“The buyer was in a 1031 exchange and this property, being right in the middle of Arcadia Lite’s gentrification corridor, was exactly what he was looking for. The buyer intends to keep this property for a long time and plans to continue adding value to the property through further interior renovations“, states Ryan Smith, Vice President at ABI Multifamily.
The buyer is a California-based investor, with other multifamily holding in Phoenix, AZ.
The seller is an Arizona-based investor, with a long a prosperous track record of multifamily ownership in the Phoenix MSA.
The multifamily brokerage team of Ryan Smith, Alon Shnitzer and Rue Bax represented both the buyer and seller in this transaction.
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.