ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $3,950,000 / $141,071 per Unit / $196.91 per SF sale of Turney Place Apartments, a 28-unit garden-style property in Phoenix.
Built in 1960, Turney Place Apartments presents a great future redevelopment opportunity on 2+/- gross acres of land. The apartment community consists of (13) one-bedroom / one-bathroom units, (13) two-bedroom / one-bathroom units, (1) two-bedroom / two and a half-bathroom unit, and (1) three-bedroom / two-bathroom unit. All units are individually metered for electricity.
This rare value-add opportunity is nestled in a fantastic Biltmore location. Turney Place Apartments is located approximately one mile to the famed 24th Street & Camelback intersection and walking distance to Camelback Colonnade and Town & Country. Also, there are two freeway entrances less than six blocks away that makes Downtown Phoenix or Sky Harbor International Airport less than ten minutes away.
Patrick Burch, Vice President at ABI Multifamily, commented, “Turney Place is a great value-add opportunity for our client in a fantastic location. It also included a small piece of vacant land where he plans to build a couple additional units”. He further added, “As class A projects get shelved or delayed in the current environment, our feeling is that these well located, mid-century assets will continue to be great opportunities. There is a limited supply of these older, more affordable assets in great locations, but with the right updating, they offer an amazing, much more affordable option to the more expensive, high-end new developments in the area. We really feel that this is an area of the apartment market that will be greatly insulated from the fallout of the recent economic events.”
ABI Multifamily’s Patrick Burch and John Klocek represented the buyer and seller.
The buyer is an Arizona-based private investor. The seller is an Arizona-based private investor.