The Devonshire | 4214 North 10th Street, Phoenix, AZ 85014 | 12 Units | $2,250,000 | $187,500 Per Unit | $351.56 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (April 6, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $2,250,000 / $187,500 Per Unit / $351.56 Per SF sale of The Devonshire, a 12-unit multifamily apartment property located in Phoenix, Arizona.
Built in 1958 and renovated in 2018, The Devonshire is a mid-century, block-constructed apartment community that consists of (2) studios, (8) one-bedroom / one-bathroom units, and (2) two-bedroom / one-bathroom units. The property has been completely remodeled top-to-bottom with almost no surface left untouched. All units have fully updated interiors including new windows, cabinets, flooring, hard surface countertops, fixtures, etc. The quality of design and finishes is truly in a league of its own when compared to apartment repositions that you see these days.
The property is located in the heart of Midtown Phoenix where a lot of revitalization is happening. It is less than a mile away from the nearest light rail station and is walking distance to the Phoenix Grand Canal. Phase I of the Grand Canalscape Project was completed in 2020, adding a multi-use commuter path, pedestrian lighting, landscaping, and public elements. The Devonshire is also 3 blocks away from 7th Street, one of the hottest corridors in Phoenix with the famed Restaurant Row about 1.5 miles to the north and the popular 7th Street regentrification area of Midtown minutes away to the south, where old buildings and historic houses are being converted into cool, hip restaurants and cafes such as The Coronado, America’s Taco Shop, Humble Pie, The Main Ingredient Ale House, Green, and Nami.
John Klocek, Vice President at ABI, states, "The buyer was looking for a nicely renovated, turnkey property in an area that is rapidly improving. The seller did an amazing job with the renovation and the buyer was thrilled with the purchase."
ABI Multifamily's John Klocek and Patrick Burch represented the buyer and seller in this transaction.
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.