La Estrella Vista Apartments | 3065 North 67th Avenue, Phoenix, AZ 85033 | 96 Units | $16,750,000 | $174,479 Per Unit | $155.53 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ (October 2, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $16,750,000 / $174,479 per Unit / $155.53 per SF sale of the La Estrella Vista Apartments, a 96-unit property in Phoenix.
Built in two phases, with 32 units in 2008 and 64 units in 2014, La Estrella Vista consists of all three-bedroom / two-bathroom units averaging over 1,120 SF. The community is separately parceled as fourplexes (24 total) and has witnessed recent capital improvements like new paint, fencing, landscaping, security cameras, and select interior upgrades. Community amenities include: Free-standing rental office, swimming pool/spa, children’s playground, picnic area with ramada, covered parking, and a community barbecue area. All units contain individual water heaters, washer/dryer machines, and a large patio or balcony.
The property’s location is situated between the famed Westgate Sports and Entertainment Districts and burgeoning Grand Canyon University. Additionally La Estrella Vista is in close proximity to a multitude of major transportation corridors such as: The Papago Freeway (Interstate-10), Agua Fria Freeway (Loop 101), Grand Avenue (Highway 60) and the newly constructed extension of the South Mountain Freeway (Loop 202).
“La Estrella Vista Apartments was a great opportunity to acquire a newer all three-bedroom community in the working-class area of West Phoenix which continues to see positive growth through the ongoing developments at the GCU campus,” Shnitzer said. “Since the start of Q2, the Phoenix Metro has seen about a 3.5% growth in employment and is continuing to show signs of positive recovery. Through the seller’s recent enhancements to the property and the areas continued demand for housing, La Estrella Vista experienced strong rent growth”.
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick, and Eddie Chang represented the buyer and seller.
The buyer is a California-based private investor. The seller is a California-based private investment firm.
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.