Spanish Palm Apartments | 221 South Stapley Drive, Mesa, AZ 85204 | 28 Units | $3,400,000 | $121,429 Per Unit | $189.94 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (June 8, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,400,000 / $121,429 Per Unit / $189.94 Per SF sale of Spanish Palm Apartments, a 28-unit multifamily apartment property located in Mesa, Arizona.
Built in 1975, Spanish Palm Apartments is a block-constructed apartment community situated just outside of booming Downtown Mesa. The property is comprised of (1) studio, (21) 1-bedroom / 1-bathroom units, and (6) 2-bedroom / 1-bathroom units which are all individually metered for electricity. Community amenities include a large courtyard, on-site laundry facility, manager’s office, and ample covered parking for residents with three separate parking lots.
Spanish Palm Apartments is just minutes from Pioneer Park, the Fiesta District, Lowell Elementary School, and Hohokam Stadium, the host of spring training baseball games. The property is also within walking distance to the nearest light rail station located at Stapley and Main Street, providing easy access to all Mesa has to offer.
Carson Griesemer, Vice President at ABI, states, “Spanish Palm Apartments was a transaction that provided great value for both buyer and seller. Being a straightforward value-add opportunity with a majority one-bedroom units in the exponentially gentrifying city of Mesa, it will be a treat to see what upgrades the buyer implements at the property.”
ABI Multifamily's Carson Griesemer, Dallin Hammond, and Mitchell Drake represented the buyer and seller in this transaction.
The buyer is based in California and the seller is based in Arizona.
ABI Multifamily (https://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.