Avenue 19 Apartments | 6545 North 19th Avenue, Phoenix, AZ 85015 | 135 Units | $19,080,000 | $141,333 Per Unit | $233.89 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ (January 4, 2021) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $19,080,000 / $141,333 per Unit / $233.89 per SF sale of the Avenue 19 Apartments, a 135-unit property in Phoenix, AZ.
Built in 1970 and renovated over the past two years (in excess of $1.5M in renovations), Avenue 19 consists of 135 garden-style units. This opportunity presents an additional value-add play with a healthy loss to old leases and approximately 84% classic unit types still left to renovate. The property features all one-bedroom / one-bathroom units with a weighted average square footage of 604 SF. The community’s amenities include a new pool area with a glass pool fence, chiller, fitness center, leasing center and dog run.
Avenue 19 is located in the West Phoenix submarket, between the I-17 and SR-51 freeways and less than three miles from Grand Canyon University. The location is also situated across the street from the light rail and a block away from numerous shopping, dining and entertainment options at Christown Spectrum Mall. Having the light rail within walking distance (0.3 miles) creates a convenient travel option for residents allowing for easy access to the rest of the Phoenix metropolitan area.
Alon Shnitzer, Senior Managing Partner at ABI, said, “The selling entity, CALCAP Advisors, did an amazing job transforming a traditional property into a desirable modern-looking and amenity-rich community. Avenue 19 has been professionally managed by CALCAP Properties and CALCAP will continue to manage the property for the new ownership.”
Shnitzer added, “The light rail in front of this property was built in 2016 and it’s clear that the additional government-driven investment into the community elevated this area to the next level.”
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the seller.
The buyer is a California-based private investor. The seller is a California-based private investment firm.
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.