Lexington Court | 536 East Portland Street, Phoenix, AZ 85004 | 32 Units | $5,250,000 | $164,063 Per Unit | $322.60 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (August 4, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $5,250,000 / $164,063 Per Unit / $322.60 Per SF sale of Lexington Court, a 32-unit multifamily apartment property located in Phoenix, Arizona.
Lexington Court is a mid-century, block-constructed apartment community built in 1963 and located in the heart of Downtown Phoenix. The property is comprised of (18) studios, (13) one-bed / one-bath units, and (1) two-bed / two-bath unit. All units are individually metered for electricity and include a master metered chiller. The property has seen numerous recent upgrades including new appliances, cabinets, countertops, and flooring, as well as updates to the pool and landscaping.
Located just west of 7th Street and a block north of Roosevelt, Lexington Court is right in the center of Roosevelt Row. It is also conveniently located just off the I-10 Freeway. It is less than a mile north of the Stadium District and is within walking distance to ASU’s Downtown Phoenix Campus, Burton Barr Library, the Phoenix Art Museum, and Margaret T. Hance Park.
Lexington Court is a fantastic multifamily asset that also provides the opportunity for a Class A redevelopment. The property sits on a prime parcel consisting of 26,600 net square feet of land in the Evans Churchill area of Downtown. This area allows for a height of up to 250 feet and a density of 218 units per acre and is zoned for multiple uses.
John Klocek, Vice President at ABI, states, “The buyers understand this location and where Phoenix is headed. To pick up this vintage, bit-size piece, which is surrounded by so much new redevelopment, is exciting and offers the buyers a lot of options moving forward.”
ABI Multifamily's John Klocek, and Patrick Burch represented the buyers and seller in this transaction.
The buyers are based in Arizona and Washington 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.