Cornell Apartments | 6535 - 6555 North 17th Avenue, Phoenix, AZ 85015 | 51 Units | $11,019,000 | $216,059 Per Unit | $203.40 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ. (October 1, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $11,019,000 / $216,059 Per Unit / $203.40 Per SF sale of Cornell Apartments, a 51-unit multifamily apartment property located in Phoenix, Arizona.
Cornell Apartments is a mid-century, block-constructed apartment community built in 1968 in North Central Phoenix. The property sits on a fantastic street lined with cool, mid-century buildings and grassy, palm tree-lined medians giving the area a very cool vibe. The property is comprised of (34) large 3-bedroom / 2-bathroom units averaging 1,120 SF each, (14) large 2-bedroom / 2-bathroom units averaging 1,032 SF each, and (2) 1-bedroom / 1-bathroom units, and a studio. All units are individually metered for electricity and recent interior improvements include in-suite washers and dryers, stainless-steel appliances, stone countertops throughout, new interior fixtures and ceiling fans, and vinyl wood flooring in most units. Community amenities include a swimming pool, barbecue grill, central courtyards and outdoor gathering spaces, beautiful landscaping with mature trees, and lots of covered parking.
Cornell Apartments is located only minutes from the heart of the North Central Corridor, 7th Street Restaurant Row, and is less than six miles from the Biltmore area and approximately eight miles north of Downtown Phoenix. Multiple light rail stations are right around the corner with the nearest one about three blocks away. Residents also enjoy a premium central location with direct access to all areas of Phoenix by way of the Interstate 10 and State Route 51. An abundance of dining and entertainment options are just a ten-minute drive away at Uptown Plaza and just five blocks directly south of the property, is Christown Spectrum Mall.
ABI Multifamily's John Klocek and Patrick Burch represented the seller in this transaction.
The buyers are based in California and Texas and the seller is based in Arizona.
ABI Multifamily (https://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. ABI Multifamily is a proud supporter of the Arizona Housing Fund, making a donation for every sale to help end homelessness in our state by funding more permanent, supportive housing.