Palm Shadows | 407 North Williams, Mesa, AZ 85203 | 20 Units | $3,000,000 | $150,000 Per Unit | $150 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,000,000 / $150,000 Per Unit / $150 Per SF sale of Palm Shadows, a 20-unit multifamily apartment property located in Mesa, Arizona.
Built in 1970, Palm Shadows is a block-constructed apartment community that consists of (19) two-bedroom / two-bathroom units and (1) three-bedroom / two-bathroom unit, each averaging 1,000 SF. All units are individually metered for electricity and the property presents a value-add opportunity through interior & exterior renovations.
Palm Shadows resides in Northwest Mesa, conveniently located just blocks from the Superstition and Red Mountain Freeways and only one block from the metro light rail station at Gilbert Road and Main Street. The property is also located near Pioneer Park and Hohokam Stadium and is just a short drive south to Gilbert’s Heritage District, which hosts numerous dining, shopping, and entertainment options.
Carson Griesemer, Vice President at ABI, states, “The East Valley has been seeing nation-leading growth throughout the past several years. Palm Shadows is a textbook example of a true value-add opportunity located in the booming city of Mesa. The property’s location has experienced a massive amount of gentrification and we are seeing more and more demand for luxurious apartment rentals. It will be a real pleasure to see the buyer's finished product once renovations are complete."
ABI Multifamily's Carson Griesemer, Dallin Hammond, and Mitchell Drake 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.