PHOENIX, ARIZONA, January 5, 2023 -- Taylor Street Advisors, a leading commercial real estate investment advisory firm in Phoenix, Arizona, announced the sale of The Hepburn, a fully renovated apartment community located in the heart of downtown Phoenix. The asset commanded a sales price of $3,900,000 or $243,750 per unit.
Brian Tranetzki and Anton Laakso, multifamily investment specialists, had the exclusive listing and negotiated the transaction on behalf of the seller, a local syndicator and the buyer, an out-of-state 1031 Exchange investor.
“The Hepburn is a fully renovated 16-unit apartment community located in the heart of Downtown Phoenix just off Roosevelt Row, Phoenix’s most sought-after historic district. The property is .7 miles from the downtown campus of Arizona State University, one of the nation’s largest universities with an enrollment of over 75,000 students with the downtown campus hosing its graduate college, the Sandra Day O’Connor college of law and the Walter Cronkite School of Journalism, The Hepburn was built in 1957 and underwent significant renovations in 2022 which include a new roof, all new plumbing, all new electrical including new wiring, panels and meters, new kitchens with new cabinets, quartz countertops, new stainless steel appliances including dishwashers, in suite washer and dryers, new exterior and interior doors, new lighting, new bathrooms with custom tiled showers, vanities, new exterior paint, courtyard landscaping, new fencing, gates and asphalt parking,” says Tranetzki.
The property is located at 631 N 4th Avenue, Phoenix, Arizona.
“The property is walking distance from iconic restaurants such as the Vig Fillmore, CiBo Pizzeria, Pita Jungle Downtown, Snooze A.M Eatery along with numerous posh entertainment venues including the Orpheum Theater, the Herberger Theater and Arizona Federal Theater. Also in walking distance is Civic Space Park and the Roosevelt/Central Phoenix Metro Light Rail train station. The Hepburn is conveniently located just east of Interstate 10 and north of Interstate 17, both major freeways providing access to Phoenix International Sky Harbor airport, downtown Tempe and the east valley cities of Chandler, Gilbert, and Mesa. Downtown Phoenix boasts the densest employment in the metro area with close to 11.4 million square feet of office space in the Downtown Phoenix employment center, including 6.1 million square feet of Class A space,” adds Laakso.