ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is pleased to announce the $10.6 million / $235,556 Per Unit / $570.44 per square foot sale of 5th Ave Phx, a 45-unit multifamily apartment property located in Phoenix, Arizona.
5th Ave Phx is a mid-century, block-constructed apartment community built in 1961 in the heart of Downtown Phoenix. The property is comprised of 45 studio units which have been completely remodeled top-to-bottom with A+ finishes. Unit amenities include stainless-steel appliances, quartz countertops, hardwood-style floors, in-suite washers and dryers, Carrara marble bathroom tile, keyless entry, and custom built-in Murphy beds and storage. All units are individually metered for electricity. Community amenities include a courtyard with a lounge-style pool, barbecue grills, and a clubhouse and cabana.
5th Ave Phx is within walking distance to the ASU Downtown Phoenix Campus, Central Station, and the Stadium District. The property is also located only a few blocks from Margaret T. Hance Park, Roosevelt Row, the Phoenix Art Museum, and provides quick access to the I-10 Freeway and Sky Harbor International Airport.
ABI Multifamily’s John Klocek and Patrick Burch represented the buyer and seller in this transaction.
“This property is one of the best renovations I have ever seen,” Klocek said. “Aside from the block walls, this is practically a new building. The seller did an amazing job and really pushed the envelope with the finishes. He spared no expense and was successful in providing an amazing living environment for the tenants. In the end, he had a Class A, one-of-a-kind building, in an irreplaceable downtown Phoenix location, and it was truly appreciated by the buyer. The resulting price of over $570/sf is sure to draw some attention, but given the amazing product and location, along with the corresponding rents, it is well warranted.”
The buyer is based in Arizona and the seller is based in California.