The Tides at 40th Apartments | 2620 North 40th Street, Phoenix, AZ 85008 | 43 Units | $6,475,000 | $150,581 Per Unit | $142.75 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Arizona – August 19, 2019: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $6,475,000 / $150,581 Per Unit / $142.75 Per SF sale of The Tides at 40th in Phoenix, Ariz.
The Tides at 40th is a 43-unit garden-style apartment community situated in the East Phoenix submarket’s Camelback East neighborhood, named by Zillow as most popular Phoenix neighborhood in 2018. The location features nearly 20 restaurants in the immediate vicinity and makes it easily accessible to boutique and specialty retail, as well as the State Route 51 freeway.
Built in 1969 and renovated in 2018, The Tides at 40th’s 15 one bed/one bath and 27 two bed/two bath units have all been upgraded with vinyl plank flooring, quartz countertops, shaker cabinets and vanities, exterior landscaping, security gates and new signage on 40th Street. The property also features a freestanding two bed/one bath house.
ABI Multifamily VP Ryan Smith and Partner Eddie Chang represented both the Buyer and the Seller.
"The Seller did a fantastic job securing and renovating this property," Smith said. "The location, improvements and modest rent increases already put in place made this an attractive proposition for the Buyer to realize additional growth and other benefits moving forward."
Both the Buyer and Seller are private investment firms based in California.
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.