Phoenix, Arizona – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $33,500,000 / $598,214 per unit/ $325.12 per square foot sale of Park Central Luxury Townhomes, a 56-unit townhome rental community located at 917 West Glendale Avenue, Phoenix, AZ 85021.ABI Multifamily's Alon Shnitzer represented the Buyer. ABI Multifamily's Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.
The buyer, FSO Capital Partners, is based in Arizona and the seller, Next Wave Investors, is based in California.Park Central Luxury Townhomes is a 56-unit luxury residential community in Phoenix, AZ. Situated on West Glendale Avenue, a six-lane thoroughfare, and less than six miles from the Biltmore area and seven miles north of Downtown Phoenix, residents enjoy a premium, central location with direct access to all areas of Phoenix by way of the Interstate-10 and State Route 51.Completed in 2020, Park Central Luxury Townhomes feature modern architecture, environmentally friendly design, gated access, and a community pool. The 56 units are arranged in 28 two-story buildings with wood frame construction, stucco exterior finishes, and flat roofs situated on approximately 3.34 acres of land. The property features a premium mix of 54 three-bedroom / two-and-a-half-bathroom and 2 four-bedroom / three-and-a-half-bathroom townhome-style units. These are among the largest floorplans of this type in the valley at 1,840 square feet for each unit. Each unit is individually metered for electricity and contains individual hot water heaters and HVAC’s. Interior amenities include: Quartz countertops in kitchens and bathrooms, tile & hardwood flooring, walk-in closet, soft close cabinets, backyard & walk-out balcony, washer & dryer, and kitchen fully-equipped with stainless-steel appliance packages, oven / range, refrigerator, microwave, and pantry. All units are provided with an attached direct access two-car garage.Significant employers in close proximity to the property include the numerous companies located in Midtown, Downtown, and the Camelback Corridor, as well as Banner Health, St. Joseph’s Hospital, U-Haul International, Wells Fargo, and Phoenix Children’s Hospital.