Phoenix, Arizona -- ABI Multifamily is pleased to announce the $14,650,000 / $78,763 per unit sale of the Palm Aire Apartments located in Phoenix, Arizona. Completed in 1982, the property features a mix of 1- and 2-bedroom unit types, with a weighted average unit size of approximately 756 square feet. Palm Aire sits on approximately 5.05 acres of land, with 12 building structures, a dedicated leasing center and is individually metered for electricity. Additional property features include a laundry rooms, pool, BBQ/picnic area and playground.
“The property is located in the Northwest Phoenix Submarket a little over one mile north of Grand Canyon University (GCU) and just minutes to I-17. The proximity to GCU, combined with the 50 percent one bedroom & 50 percent two-bedroom unit mix as well as washer/dryer hookups in every unit made the asset extremely desirable,” states Doug Lazovick, Partner, who was the lead broker representing the seller in the transaction.
The buyer is a private investor based in California.
The seller is an experienced multifamily investment company based in Colorado.
The multifamily brokerage team of Doug Lazovick, John Kobierowski, Alon Shnitzer, Rue Bax and Eddie Chang represented the seller in this transaction.
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.