ARA, A Newmark Company (ARA Newmark) announces the $63.5M sale of The Station on Central, a 414-unit multifamily asset in Phoenix, Arizona. Brad Goff, Executive Managing Director and Chris Canter, Director, represented the seller in the transaction.
The Station on Central is strategically located in the heart of Central Phoenix and adjacent to a METRO Light Rail station stop. The property is in proximity to the largest concentration of jobs in the state with access to the Midtown and Downtown Phoenix employment centers, home to nearly 200,000 jobs. Goff remarked that “the area surrounding the property has, over the past few years, reinvented itself and has become a hotbed for new restaurants, bars and coffee shops, all located within walking distance or short ride on Light Rail from The Station on Central.”
Built in 1999, the property offers a mix of one-, two- and three-bedroom unit types with an average unit size of 883 sf. Approximately 337 of the units have been fully renovated to include faux wood plank flooring, stainless steel kitchen appliances, contemporary lighting and plumbing fixtures. “The buyer plans to complete the value-add program that was started by the previous owners in order to take advantage of the area’s strong resident demographics” said Goff.
The community offers residents an abundance of amenities including two resort-inspired swimming pools with large sundecks, a hot tub, outdoor firepit with lounge seating, a 24/7 fitness center, barbecue grills and picnic areas, WiFi in common areas, controlled access entry, parking garage, and a social lounge complete with a full kitchen, a billiards table, fireplace, large flat screen televisions and a Starbucks coffee bar.
“The Phoenix metropolitan area is enjoying an influx of new residents and exponential job growth which is sustaining the interest in multifamily investments. This closing is another indicator of the Valley’s strong economic fundamentals,” said Goff.