ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $32,275,000 / $200,466 Per Unit / $304.68 Per SF sale of City 15 Apartments, a 161-unit multifamily apartment property located in Phoenix, Arizona.
Built in 1969, City 15 consists of 161 garden-style units and represents a value-add opportunity through interior and exterior renovations. The property features a mix of 17 studio units, 129 one-bedroom / one-bath units, 14 two-bedroom / one-bath units, and 1 two-bedroom / two-bath units with a weighted average of 658 SF. The community’s amenities include a swimming pool, fitness center, basketball court, clubhouse, tennis court, gated entry, and open / covered parking.
City 15 is located within the North Central Phoenix submarket, between the I-17 and less than a mile from the SR-51 freeway by the entrance to the Camelback Employment Corridor. The property sits less than two miles from the Biltmore area, six miles north of Downtown Phoenix, and has easy access to all the dining, entertainment, and employment opportunities of both Uptown and Midtown Phoenix.
ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick brokered this transaction.
The buyer is Rise48 Equity, a Phoenix-Based Real Estate Firm.
The seller is Pacific Reach Properties, a private real estate investment firm based in Vancouver, Canada.