Apartment Community Trades for $2.22M near Light Rail in Phoenix’s Central Avenue Corridor
Phoenix, Arizona – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,220,000 ($111,000 per unit) sale of the Pierson Palms Apartments, a 20-unit apartment community located in Phoenix, Arizona. The property is a two-story apartment community, built of solid block construction in 1958 and rests on 0.87 acres. The property features (6) 1-bedroom, (9) 2bedroom/1-bath and (5) 3 bedroom/2-bath units with an average size of 829 square feet with each unit individually metered for electricity.
“The property is located less than 1/3 of a mile to two separate light rail stations and is literally minutes from all the major job and development projects occurring along the Central Corridor,” states John Klocek, Vice President at ABI who along with, Patrick Burch, represented the Buyer and Seller. “The Buyer saw a great opportunity to purchase a substantially rehabbed project in an area with significant demand.”
The Seller was a private investor based in Arizona.
The Buyer was a private investor based in California.
The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Royce Munroe, Ryan Smith and Nathan Bruer represented the Buyer and Seller in this transaction.