Phoenix, AZ – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,640,000 / $182,000 Per Unit / $223.04 Per SF sale of the 1st Avenue Apartments, a 20-unit multifamily apartment community located at 707 – 731 West 1st Avenue, Mesa, AZ 85210. The buyer and seller were represented by ABI Multifamily's Mitchell Drake, Dallin Hammond, and Carson Griesemer.
The 1st Avenue Apartments is a 20-unit garden-style apartment community located near Downtown Mesa, Arizona. Residents enjoy direct access to all areas of the Phoenix Valley by way of the Red Mountain Freeway (Loop 202), Superstition Freeway (US 60), and Price Freeway (Loop 101). In addition, a Metro Light Rail station is located within a half-mile from the property, located at North Country Club Drive and West Main Street. Furthermore, the nearby vibrant Downtown Mesa area offers numerous dining, entertainment, and recreational opportunities within minutes of the community.
The property was built in 1984 with wood frame and stucco construction. The unit mix consists of 10 two-bedroom / one-bath units and 10 two-bedroom / one-and-a-half bath units. Each unit is individually metered for electricity and features in-suite laundry hook-ups, private backyards, and ample parking.
Significant employers in proximity to the property include Banner Health, Mesa Riverview, Casino Arizona, Mesa Community College, and East Valley Institute of Technology.
The buyer and seller are based in California.
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.