ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $150,000,000 / $257,732 Per Unit Per SF sale of Sierra Ranch Apartments, a 582-unit multifamily apartment community located at 4722 East Bell Road, Phoenix, AZ 85032 .
ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick facilitated the transaction.
Sierra Ranch Apartments is a 582-unit, garden-style apartment community in Phoenix, Arizona. Built in 1984, the property consists of 23 three-story buildings constructed of wood frame, stucco, and flat roofs resting on a 17.01-acre site. The unit mix consists of 528 one-bed / one-bath units and 54 two-bed / one-bath units with a weighted average of 660 square feet. The property is individually metered for electricity, with individual HVACs and hot water heaters, and washer and dryer appliances located in select units. Interior amenities include air conditioning / heating, ceiling fans, patio / balcony, walk-in closets, extra storage, and kitchens fully equipped with a refrigerator, dishwasher, and range / oven. Community amenities include Swimming pool and spa, laundry facility, clubhouse, business center, fitness center, tennis court, basketball court, racquetball court, and children’s playground.
The community is located in the desirable North Paradise Valley submarket (Northeast Phoenix MSA) adjacent to the city of Scottsdale. Nearby employment drivers include the Mayo Clinic campus, Abrazo Scottsdale Campus, and the Scottsdale Airport. A collection of the valley’s most choice shopping and dining options are available to residents at the nearby Kierland Commons and Scottsdale Quarter lifestyle centers. Furthermore, the property provides residents easy access to the Valley via the SR-51 (Piestewa) and SR-101 (Pima) freeways.