Bonnie Lynn Apartments | 2020 West Hayward Avenue, Phoenix, AZ 85021 | 34 Units | $3,750,000 | $110,294 Per Unit | $148.39 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ (October 26, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $3,750,000 / $110,294 per Unit / $148.39 per SF sale of Bonnie Lynn Apartments, a 34-unit property in Phoenix.
Bonnie Lynn presents a light value-add opportunity through interior & exterior renovations. The property consists of 34 garden-style units with a unit mix of (13) large one-bedroom / one-bathroom and (21) two-bedroom / one-bathroom units. All units are individually metered for electricity and gas and include private back patios. Bonnie Lynn also features a secluded drive-through courtyard, community swimming pool, ample covered parking, and storage closets for each unit.
Bonnie Lynn resides in Northwest Phoenix, conveniently located ±1.0 miles from the Interstate-17 freeway to the west, ±4.0 miles from the US-51 freeway to the east and within easy walking distance to the nearest light rail station. The property is also located near Grand Canyon University and the vibrant Christown Spectrum Mall that hosts numerous shopping, dining, and entertainment options.
"The Buyer, who owns a number of multifamily properties within a mile radius of Bonnie Lynn Apartments, had recently just completed a sale of a Phoenix property he owned and was on the hunt for a multifamily building to place his 1031 exchange funds,” Drake said. “Bonnie Lynn Apartments checked all the boxes for him and we were quickly able to put the property under contract off-market."
ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer represented the buyer and seller.
The buyer is a California-based private investor. The seller is an Arizona-based private investor.
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.