Venture on Marlette | 813 East Marlette Avenue, Phoenix, AZ 85014 | 14 Units | $3,562,000 | $254,429 Per Unit | $282.21 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ. (April 22, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,562,000 / $254,429 Per Unit / $282.21 Per SF sale of Venture on Marlette, a 14-unit multifamily apartment property located in Phoenix, Arizona.
Built in 1962 and completely remodeled top-to-bottom in 2020, Venture on Marlette is a charming mid-century apartment community in the heart of Uptown Phoenix. The property consists of (13) spacious two-bedroom / two-bathroom units and (1) one-bedroom /one-bathroom unit. All units are individually metered for electricity. Full interior renovations have been done with popular, cutting-edge finishes which include stainless-steel appliances, quartz countertops, in-suite washers and dryers, and all new fixtures and finishes. Several of the units have large outdoor backyards and the property surrounds an inviting courtyard with beautiful outdoor amenity space and professionally installed landscaping.
Venture on Marlette is located just off the famed 7th Street Corridor and Restaurant Row and is 3/4 of a mile to the original The Yard and Culinary Dropout concept that was the impetus for the massive 7th Street and Restaurant Row growth. The property sits on a quiet street, just minutes away from Uptown Plaza and provides easy access to the AZ-51 Freeway.
"This was another wonderfully renovated project by Neighborhood Ventures, an Arizona real estate crowdfunding group,” states John Klocek, Vice President at ABI. “The property is in the heart of Central Phoenix, and the California buyer, who was in a 1031 exchange, appreciated the location, the renovation, and the fact that it was a well-stabilized and cash-flowing property. This was a win-win for both buyer and seller."
ABI Multifamily's John Klocek and Patrick Burch represented the seller in this transaction.
The buyer is based in California 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.