Phoenix West Weekly Rentals | 4323 North 27th Avenue, Phoenix, AZ 85017 | 120 Units | $8,600,000 | $71,667 Per Unit | $187.90 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ (February 3, 2021) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $8,600,000 / $71,667 Per Unit / $187.90 Per SF sale of Phoenix West Weekly Rentals, a 120-unit weekly rental community located in Phoenix, Arizona.
Phoenix West Weekly Rentals is a 120-unit gated community that was built in 1974 and originally operated as a traditional apartment community until 2016, when it converted to weekly rentals. The units come furnished with queen or two twin beds and frame, sofa, end tables, internet, microwave, fully furnished kitchens and two televisions with cable. There are two primary floor plans, 56 studio units offering 300 square feet and 63 one-bedroom / one-bathroom units offering 450 square feet. The property also has one (1) two-bedroom / one-bathroom unit offering 619 square feet of living space. The property has been well maintained with recent improvements including a new chiller, asphalt seal coating and striping, exterior lighting upgrades and more.
“This was a unique opportunity in the sense there are not many furnished weekly rentals in our market. The buyer owns the neighboring property and will be able to gain efficiencies through consolidating operations as they transition the property,” states Eddie Chang, Partner at ABI Multifamily.
The property sits on 2.28 acres of land and is less than a mile to the I-17 highway providing easy access to all points of the valley including Downtown Phoenix with an approximate 10-minute drive. The property is also 1.5 miles to Grand Canyon University.
ABI Multifamily's Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick represented the buyer and seller in this transaction.
The buyer is S Realty Inc. based in New Jersey and the seller is Jevan Capital PLLC based in Arizona.
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.