ABI Multifamily, the Western U.S.’s leading multifamily brokerage and advisory services firm, is pleased to announce the $4,350,000 / $189,130 per unit sale of the Arcadia Edge Apartments, a 23-unit apartment community located in Phoenix, Arizona.
The property is a single-story apartment community, built of solid block construction and comprised of nine separate buildings built in 1967 and extensively renovated in 2017. The property features all (23) 2bed/1-bath units with an average size of 803 square feet. Each unit is individually metered for electricity and each has an individual backyard.
“The buyer was attracted to the strong unit mix, property renovations, stabilized rents and the ArcadiaLite location.” states Royce Munroe, Vice President at ABI who represented both the Seller and the Buyer.
The Seller was a private investor based in Arizona.
The Buyer was a private investor based in California.
The Phoenix based ABI Multifamily brokerage team of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch and Nathan Bruer represented the Buyer and Seller in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. 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.