Phoenix, Arizona – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $24,500,000 / $135,359 Per Unit / $329.23 Per SF sale of Verde Vista Apartments in Phoenix, Arizona. ABI Multifamily's Phoenix-based Institutional Apartment Group - Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.
Verde Vista Apartments is a 181-unit garden-style apartment community located in the West Phoenix submarket of Phoenix, Arizona. Built in 1978, the property consists of 8 rental buildings constructed of wood frame, stucco and pitched composition shingle roofing resting on a 4.00-acre site. The unit mix consists of 80 studio units, 94 one-bed / one-bath, and 7 two-bed / one-bath units with a weighted average of 411-square-feet. Common area amenities include: Two swimming pools, two laundry facilities, large children’s playground area, BBQ Grills, dedicated on-site rental office, and covered / open parking.
The property is situated between Downtown Phoenix and the burgeoning Grand Canyon University. Verde Vista’s close proximity to a multitude of major transportation corridors such as: the Papago Freeway (Interstate-10), North Black Canyon Freeway (Interstate-17), Grand Avenue (Highway 60), and the recently constructed extension of the South Mountain Freeway (Loop 202) provides residents with easy access to the entire Phoenix Valley. There are numerous dining and entertainment options nearby, including the Roosevelt Row Arts District where a collection of some of Phoenix’s most unique boutique shops and restaurants are housed in a walkable district in the core of downtown Phoenix.
Significant employers in close proximity to the property include: Grand Canyon University, Kenyon Plastering Inc., Empire Power Systems in addition to the numerous companies located in Midtown, Downtown, and the Camelback Corridor which also include: Banner Health, St. Joseph’s Hospital, U-Haul International, Wells Fargo, JP Morgan Chase, and Phoenix Children’s Hospital.
The buyer is based in California and the seller is based in New Jersey.