Palms on Monte Vista | 1720 East Monte Vista Road, Phoenix, AZ 85006 | 44 Units | $6,160,000 | $140,000 Per Unit | $152.17 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ (October 20, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $6,160,000 / $140,000 per Unit / $152.17 per SF sale of Palms on Monte Vista, a 44-unit property in Phoenix.
Built in 1985, Palms on Monte Vista presents a robust value-add opportunity through finishing interior/exterior renovations. This condo-mapped property consists of 44 garden-style units that are individually metered for electricity. All 2-bedroom / 2-bathroom units that feature in-suite laundry machines. Exterior amenities include a community playground and ample parking for residents.
Palms on Monte Vista is located just outside of The Coronado District in an up and coming Central Phoenix neighborhood that is down the street from the heart of Downtown Phoenix. The property is positioned between two major hospitals, Banner Health and Phoenix Children’s Hospital, and features ease of access to the AZ-51, I-10, and 202 Loop.
Dallin Hammond, Vice President at ABI Multifamily, said, “Palms on Monte Vista provided the Buyer an opportunity that is seldom seen, 100% control of a condo-mapped community that is knocking on the door of the historic Coronado District. Located within a 10-minute drive to the heart of Downtown Phoenix and consisting of all 2-bed / 2-bath units, Palms on Monte Vista provides the Buyer incredible value.”
ABI Multifamily’s John Klocek and Patrick Burch represented the Seller. ABI Multifamily’s Dallin Hammond, Mitchell Drake, and Carson Griesemer represented the Buyer.
The buyer is a California-based private investor. The seller is an Arizona-based private investment firm.
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.