Cornell Condominiums | 6535 - 6555 North 17th Avenue, Phoenix, AZ 85015 | 48 Units | $5,301,500 | $110,448 Per Unit | $92.04 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – April 26, 2019: ABI Multifamily — the Western US’ leading multifamily brokerage and advisory services firm — has announced the $5,301,500 / $110,448 Per Unit / $92.04 Per SF sale of The Cornell Condominiums in Phoenix, Ariz.
Cornell Condominiums are a 48-unit garden-style condo conversion community located at 6535-6555 N. 17th Ave., Phoenix, near Glendale and 19th avenues.
Built in 1968, Cornell Condominiums feature an attractive mix of 36 3-Bedroom/2-Bath and 12 2-Bedroom/2 Bath units. The community lies in walking distance of the 19th Avenue & Glendale Light Rail station and offers convenient access to a major hospital campus, retail and service outlets, schools and a variety of restaurant options and churches.
“Cornell Condominiums presented a rare opportunity to assemble a fractured condo community with 19 separate owners. It offers an excellent value add opportunity through extensive interior and exterior renovations,” said ABI Multifamily VP Ryan Smith.
“With its proximity to Light Rail and the many redevelopment projects occurring nearby, the property’s potential makes it highly desirable and attractive,” said ABI Multifamily VP Royce Munroe.
Smith and Munroe represented the Buyer, an Arizona-based private real estate management and investment firm, as well as the 19 individual Sellers from Arizona, California, New York and Canada. This set of transactions enabled the Buyer to fully assemble the property.
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.