ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of the Montebello Apartments located in North Central Phoenix for $1,150,000, which reflects a price of just over $67,600 per unit.
Constructed in 1964, the property is located just north of Phoenix’s Historic Districts along Central Avenue. The low density, single story property consists of 17 block constructed, individually metered apartments with a mix of one, two and three bedroom units. Common area amenities include a swimming pool, laundry facility and lush open areas with patio space for residences on just over an acre of land. The Montebello was partially renovated with interior upgrades such as granite countertops, tiled floors, new cabinetry and washer/dryer hookups.
The Buyer was attracted to the property’s location, which is surrounded by custom homes and within walking distance of a popular dining destination, The Yard, by renowned restauranteur Sam Fox, and a new mixed use project under development called The Colony. “Because of its premier location, IPIRG views this asset as a potential long term hold within their growing portfolio. They plan to take over where the previous owner left off, continuing to transform the property into a beautiful oasis for young professionals. The area has long been desirable throughout Phoenix’s history and continues to get better with time,” stated Eddie Chang, Partner at ABI Multifamily.
The Buyer in this transaction was IPIRG, LLC of San Diego, California and the Seller was LGP Phoenix 11, LLC based in Scottsdale, Arizona.
The Phoenix based ABI Multifamily brokerage team of Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick represented both the Buyer and Seller in this transaction.