ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of a prime located Central Phoenix, 13 Unit, complete condominium property – Desert Stone – for $1,100,000 or $84,615 Per Unit.
Desert Stone Condominiums was originally built in two phases – 1965 and 2003. The 1965 built portion was highly renovated in 2011 and 2012. The property is a well-maintained complete condominium community.
Desert Stone consists of 2 rental buildings, a grassy common area and a sparkling swimming pool. The buildings were constructed of block and wood, with pitched asphalt shingle roofs. Each building is individually metered unit for electricity. The units include abundant closet space, modern kitchens and bathrooms, and a fully enclosed one or two car garage. Seven of the thirteen condo units have washer/dryer connections and the remaining units have use of an on-site laundry facility.
ABI Multifamily is pleased to have facilitated this sale and have represented the buyer in the transaction.
This was the second recent purchase for this buyer through ABI Multifamily.
The property is ideally located in an outstanding east-central Phoenix location. Madison Rose Lane Elementary School is across the street from the property. With easy access to a plethora of jobs, higher education schools, quality healthcare and shopping, the property is uniquely positioned for continued high demand.
Desert Stone Condominiums Sale Highlights:
• Complete Condominium Community Near Thriving 16th St. & Bethany Home Rd. Area
• Attractive Unit Mix Consisting of One, Two, and Three Bedroom Unit Types
• All Units Come with Attached or Detached 1 or 2 Car Garages
• Value-Add Opportunity through Further Renovations
• New Loan (65% Loan-to-Value)
The Buyer, Koventures LLC, based in Carlsbad, CA, is an experienced multifamily investor with other complete condominium projects in the Phoenix market.
The Seller, Wei Zhou and Yuk Chiu Lou, based in San Diego, CA, are private investors.