Phoenix, Arizona – According to Forbes' December market review, the “Multifamily is Hot in Phoenix.” That may be true as SVN Desert Commercial Advisors continues to list and sell within the metro valley area. With the driving force in job growth and strong relocation movement, there are many out-of-state investors looking to take advantage of the market.
Vice President | Investment Advisor with SVN Desert Commercial Advisors, Danny Lee represented the seller in the transaction. Grovers East sold for $3.8 million ($126,666 per unit) in Phoenix to Grovers East, LLC from Seattle, Washington. This is a nice little boutique property hidden in the North East valley. It is located at 1641 E. Grovers Ave. The 21,600-square-foot property consists of 30 units. The mix of 1 and 2 bedrooms sold for $176 per square-foot.
“The buyer will perform some light renovations and planning to install washers and dryers,” said Danny Lee. With the value-add property, the buyer will be able to increase rental revenue in the upcoming months with the additions. An experienced investor to the Phoenix area, the buyer was looking to get better returns on their investment coming into Phoenix on a 1031 Exchange.
The escrow period was only 35 days from start to finish with the all cash buyer. “It was a smooth and seamless transaction,” said Danny Lee.