Modern Retro Living | 2122 East Fairmount Avenue, Phoenix, AZ 85016 | 23 Units | $4,470,000 | $194,348 Per Unit | $255.91 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Arizona (June 4, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $4,470,000 / $194,348 per Unit / $255.91 per SF sale of Modern Retro Living, a 23-unit garden-style property in Phoenix.
Built in 1956 and renovated in 2016, Modern Retro Living consists of (22) two-bedroom / one-bathroom units and (1) one-bedroom / one-bathroom unit. Each unit contains mid-century modern finishes with in-suite laundry, stainless steel appliances, and covered parking. The property also presents a large pool surrounded by mature landscaping.
The apartment community is nestled in a prime Arcadia-adjacent location. Modern Retro Living is located near The Biltmore, Uptown Phoenix, and the 24th Street & Camelback corridor, which presents a vast amount of entertainment, shopping, and dining options. The location also includes easy access to the AZ-51 and a short drive to Phoenix Sky Harbor International Airport.
Mitchell Drake, Vice President at ABI Multifamily, commented, "After entertaining a number of buying parties who kicked the tire on this property, we ultimately found the right investor who had searched endlessly for a truly turnkey asset that boasted a majority of 2-bedroom units, located in a fringe B to A class location. Modern Retro Living fits this bill seamlessly."
Carson Griesemer, Associate at ABI Multifamily, stated, "Due to COVID-19, widespread skepticism had gripped the multifamily marketplace. Our team remained confident in the deal however and worked hard to find the right buyer, knowing the quality of the product and the opportunity it represented in the market."
ABI Multifamily’s Carson Griesemer, Dallin Hammond, and Mitchell Drake represented the seller.
The buyer is California-based private investment firm. The seller is a Washington State-based private investor.
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.