Phoenix – Elain and Maher Meida from Phoenix, Ariz. have purchased the Fiesta Arms apartment complex, a 20-unit multi-family property located at 8822 North 1st Street in Phoenix, Ariz., from FSFA 89, LLC, of Phoenix, Ariz. Brian Smuckler, Senior Vice President, and Jeff Seaman, Vice President, of CBRE’s Investment Properties in the Phoenix office represented the seller in negotiating the $740,000 ($37,000 per unit) transaction.
Fiesta Arms is a garden-style apartment community located in a north/central Phoenix neighborhood with high barriers to entry. Built in 1963, the 11,625-square-feet property is made of block construction with new foam roofs, and is individually metered for electricity. The unit mix consists of one studio and the rest one-bedroom floor plans that are spacious and well designed and average approximately 581-square-feet. Interior unit features include fully appointed kitchens with electric appliances, vinyl tile flooring, walk-in closets, vertical blinds and large private patios. The property is situated on approximately 0.43 acre and is attractively landscaped with low-water use desert landscaping with mature shade trees. Community Amenities include an on-site laundry facility, exterior lighting and security doors.
Fiesta Arms offers an investor the opportunity to acquire a garden-style apartment community located in a strong North Mountain submarket with in-place yield and additional value-add potential. While the average rent in metro Phoenix remained unchanged over the past year, the North Mountain submarket rents increased by 3.5% and has seen consistent increases in occupancy levels above those of the metropolitan Phoenix Average. With the improving submarket fundamentals coupled with the Phoenix market’ s continual improvement and recovery, Fiesta Arms is well positioned to achieve continual revenue increases.
To learn more Smuckler can be reached at 602.735.5688 and Seaman should be contacted at 602.735.5634