Contempo 19 | 4313 North 19th Avenue, Phoenix, AZ 85015 | 41 Units | $4,500,000 | $109,756 Per Unit | $196.51 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (June 9, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $4,500,000 / $109,756 Per Unit / $196.51 Per SF sale of Contempo 19, a 41-unit multifamily apartment property located in Phoenix, Arizona.
Built in 1985, Contempo 19 features 41 one-bedroom / one-bathroom units with a weighted average of 559 square feet per unit. The property amenities include a community pool, BBQ grill, covered parking, on-site laundry, and balcony decks.
Contempo 19 is centrally located in West Phoenix just minutes from Uptown Plaza and Midtown Phoenix, both which host numerous shops and restaurants. In addition, the property is situated near the Black Canyon Highway (Interstate-17), Papago Freeway (Interstate-10), and Piestewa Freeway (State Route 51), making it easy for residents to travel around the surrounding area.
Mitchell Drake, Vice President at ABI, states, "The transaction for Contempo 19 was as straightforward as it gets being that the building provided a light value-add opportunity of adding washer / dryer in-unit in an up-and-coming central Phoenix location. The only caveat for this deal was the specific loan which had a yield maintenance prepayment penalty that the buyer was asked to assume. Ultimately, the buyer made the decision to increase their purchase price allowing the seller to comfortably pay off the yield maintenance prepay. The deal was still able to pencil out for the buyer even with the increase in price."
ABI Multifamily's Mitchell Drake, Dallin Hammond, and Carson Griesemer represented the buyer in this transaction.
The buyer and seller are 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.