Flower 22 | 3208 East Flower Street, Phoenix, AZ 85018 | 22 Units | $3,750,000 | $170,455 Per Unit | $243.03 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ (May 12, 2020) - ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $3,750,000 / $170,455 per Unit / $243.03 per SF sale of Flower 22, a 22-unit property in Phoenix.
Built in 1986 and renovated in 2019, Flower 22 apartments consists of 14 (completely renovated) two-bedroom / two-bathroom units and 8 (completely renovated) one-bedroom / one-bathroom units. Each unit contains fully equipped kitchens with new appliances, countertops, flooring, and bathrooms. On the exterior, the units feature new exterior paint and new roofs along with landscaping, parking lots, and a gated pool. All units have washer & dryers in unit and individually metered for electricity.
The apartment community is nestled in a prime Arcadia-adjacent location. Flower 22 is near The Biltmore and the 24th Street & Camelback corridor which presents a vast amount of entertainment, shopping, and dining options. Also, the location includes easy access to the AZ-51 and a short drive to Phoenix Sky Harbor International Airport.
“Flower 22 offered an excellent opportunity for the Buyer to acquire a well-located asset with a strong unit mix of mostly two-bedroom units near the Arcadia and Biltmore areas which have enjoyed significant rent growth in recent years as well as exceptionally low vacancy rates,” Munroe said. “The Seller consisted of multiple partners that chose to capitalize on strong demand in the multifamily market and move their equity to various other multifamily opportunities in the Phoenix area."
ABI Multifamily’s Royce Munroe and Rue Bax represented the buyer and seller.
The buyer is a California-based private investment firm. The seller is made up of Arizona-based private investors.
ABI Multifamily (http://www.abimultifamily.com/) 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.