La Patio Apartments | 3109 North 36th Street, Phoenix, AZ 85018 | 16 Units | Built in 1986 | $2,525,000 | $157,812 Per Unit | $176.82 Per SFPRESS RELEASE
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Brokers $2.525M Apartment Sale in East Phoenix’s 36th Street Redevelopment Corridor
Phoenix, AZ – September 10, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,525,000 / $157,812 Per Unit sale of La Patio Apartments located in Phoenix, Arizona. Built in 1986, La Patio Apartments is a three story, garden-style apartment community that features 16 units in one rental building constructed of wood frame and stucco. The property has pitched concrete tile roofs and rests on approximately 0.46-acre. The unit mix consists of (5) one bed and (11) two bed units with an average size of 893 SF. Interior renovations include granite countertops, newer cabinets and appliances, and wood-like flooring. This apartment community also provides its residents with a swimming pool, balconies, fireplaces, carports, and washer and dryers present in each unit. The location of the property rests in between Downtown Phoenix and Old Town Scottsdale, north of Phoenix Sky Harbor.
“The East Phoenix Submarket, often referred to as Arcadia Light, has experienced a tremendous revival over the last several years,” states Royce Munroe, Vice President, who along with Ryan Smith, Vice President and Rue Bax, Senior Managing Partner, represented both the buyer and seller in the transaction. “The highest concentration of redevelopment activity has occurred between Indian School and Thomas along 36th/38th streets which has witnessed $25M+ in private development over the last several years.”
“This marks the third Arizona acquisition for the buyer,” states Ryan Smith. “Given the area’s robust economic growth, and sustained high occupancy levels, the buyer can easily capitalize on this project without needing to implement a substantial renovation plan as the previous owners were fastidious in its maintenance.”
The buyer is a California based private investor.
The seller is an Arizona based private investor.
The multifamily brokerage team of Royce Munroe, Ryan Smith, Rue Bax, John Klocek, Patrick Burch, and Nathan Bruer represented both the buyer and seller in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.