The DC | 1518 West Colter Street, Phoenix, AZ 85015 | 35 Units | $6,250,000 | $178,571 Per Unit | $195.59 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ (December 16, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $6,250,000 / $178,571 per Unit / $195.59 per SF sale of The DC Apartments, a 35-unit property in Phoenix, AZ.
Built in 1963 and renovated in 2019, The DC consists of 35 garden-style units. 32 of the 35 units have been recently remodeled with turnkey interiors and exteriors. The property features all large two-bedroom units with an average size of 910+ square feet. The DC is a private gated community whose units are all individually metered for electricity and include washer and dryers. Many of the units feature private, fenced yards as well.
The DC Apartments is located in North Central Phoenix that is in the midst of strong revitalization. The apartment community is situated in a prime location less than five minutes from the popular Uptown Plaza and Christown Spectrum Mall, both of which host numerous shopping, dining, and entertainment options. In addition, the location is positioned less than a mile from three different light rail stations including the Park-and-Ride.
"This area of town used to be a little bit of a hidden gem where we did a ton of deals,” states Patrick Burch, Vice President at ABI. “It is so close to many very nice North Central Phoenix neighborhoods, as well as the light rail, and has some really great mid-century architecture. There have been many projects that have been updated in the area and it continues to improve and grow into a really cool place to live at still very reasonable rents. We think this area still has a long way to go!"
ABI Multifamily’s John Klocek and Patrick Burch represented the buyer and seller.
The buyer is a California-based private investor. The sellers are Arizona-based private investors.
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.