PHOENIX, AZ – ABI Multifamily has announced the $26.45 million ($104,960 per unit / $157.12 PSF) sale of the Monterey Village Apartments in Phoenix, AZ. The buyer is a private multifamily investment group based in Southern California. The seller is a private investment group based in Phoenix, Arizona.
The property was built in 1983 and includes 252 garden-style units with lush landscaped grounds. Monterey Village is located on McDowell Road and just a short drive from downtown Phoenix, Arizona State University, The Phoenix Zoo, Papago Golf Course, Fashion Square Mall, and Sky Harbor International Airport through the major thoroughfares of the AZ-202, 143 Expressway, I-10, AZ-51 and AZ-101 freeways.
The property features a mix of studio, one-bed/one-bathroom and two-bed/two-bathroom units with an average size of 668 square feet, of which, a percentage of the units are still encumbered and governed by a regulatory agreement.
Common area amenities include a dedicated leasing office, gated entry, covered parking, laundry facilities, barbecue/picnic areas and pool.
“Monterey Village Apartments last transacted in 2011, in the heart of the downturn,” says ABI Senior Managing Partner Rue Bax. “The growth in this area has been tremendous since that time and should continue to improve.”
“The property is also surrounded by some of valley’s biggest entertainment hubs such as downtown Phoenix, downtown Tempe, and Old Town Scottsdale,” adds Bax.
ABI Multifamily’s Rue Bax, Eddie Chang, Alon Shnitzer, John Kobierowski and Doug Lazovick represented both the buyer and seller.