Phoenix, AZ. (July 26, 2023) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $4,800,000 / $240,000 Per Unit / $294.12 Per SF sale of First Avenue Townhouses, a 20-unit multifamily apartment community located in Mesa, Arizona. ABI Multifamily's Mitchell Drake, Carson Griesemer, and Dallin Hammond represented the buyer and seller in this transaction. Financing secured by Carson Krause from ABI Commercial Capital.
The buyer and seller are based in California.
First Avenue Townhouses is a 20-unit apartment community consisting of (5) contiguous fourplexes, each originally built in 1984, renovated in 2021, and are of solid wood-framed construction. Of the 20 total units, 50% are 2-bedroom / 1-bathroom and 50% are 2-bedroom / 1.5-bathroom, with all units being outfitted with in-unit washers and dryers. First Avenue Townhouses feature well maintained community areas, ample parking, and all units feature either a private backyard or private patio. The townhouses in the community were all recently rehabbed to various degrees and were outfitted with a combination of new shaker-style cabinetry, appliances, hot water heaters, electric upgrades, finishes, interior paint, and more. The exteriors were all recently painted and AC units were replaced if needed.
First Avenue Townhouses is located at 707 - 731 West 1st Avenue in Mesa. The property is walking distance to Downtown Mesa and allows residents to enjoy numerous entertainment and dining options such as 12 West Brewing, Diamond’s Sports Grill, Mesa Contemporary Arts Museum, Mesa Arts Center, along with the historic Nile Theater. During spring training, residents are sure to be delighted that the Oakland Athletics play only two miles away and the Chicago Cubs are only three miles away. With the Country Club & Main Street light rail station only a half mile from the property, residents can easily access all the Phoenix MSA by way of public transportation. This property also provides convenient highway access and is equal distances from both the Loop 202 & US-60 Freeways.