The Retro on 32nd Street a 62-unit Phoenix Apartment Community Sells for $5.35 Million

Phoenix, Ariz. – ABI Multifamily is proud to announce the $5,350,000 / $86,290 Per Unit / $214 Per SF sale of The Retro on 32nd Street Apartments in Phoenix, Arizona.
The Retro on 32nd Street is a 62-unit garden-style apartment community in the East Phoenix submarket. The highly desirable location provides convenient access to Scottsdale, Camelback Corridor and the Biltmore, and State Route 51 Freeway lies just 10 minutes to the west.

Built in 1968 and renovated in 2015, The Retro on 32nd Street offers a desirable mix of 31 studio, 29 one-bed/one bath and two two-bed/one-bath units.

ABI Multifamily’s Private Apartment Team — made up of associates Dallin Hammond and Mitchell Drake, as well as VP Ryan Smith — represented the Buyer.

“This neighborhood, and really this entire section of town, is seeing a major upswing in terms of renovation and redevelopment across all housing types,” Hammond said. “With the foundation of upgrades that has already taken place here in the past few years, our client has the opportunity and determination to bring The Retro on 32nd Street up to its full value-add potential through ongoing interior and exterior renovations that could really make it a showcase property for the entire area.”

The California-based Buyer is a private investment team. The Seller, also based in California, is a private investment and management firm.