Brokerage firm ABI Multifamily negotiated the $6,045,000 ($118,529/Unit) sale of the 18 at Biltmore Apartments, a 51-unit apartment community located in Phoenix, Arizona.
18 at Biltmore is a low density, one and two-story apartment community built from 1957 to 1962 of concrete construction and sits on approximately 3.5 acres of land. The property consists of an attractive mix of one, two and three bedroom units averaging approximately 893 square feet in size. Each unit is individually metered for electricity. Additionally, select units have patios/balconies.
“18 at Biltmore is located in the heart of the Biltmore Corridor which is one of the most coveted economic corridors in all of the Phoenix Metro,” states John Klocek, vice president at ABI. The property is less than one mile from the Biltmore Fashion Park as well as the entrance to the prestigious Biltmore Resort, Golf Course, and the exclusive Biltmore residential neighborhood. “The area has seen tremendous development activity, but all of the residential development is south of Camelback. This redevelopment is the only property of its kind north of Camelback Road and east of the 51 freeway in Biltmore proper.”
18 at Biltmore, located in the North Central Phoenix Submarket, is approximately one mile from both the Camelback/Biltmore Employment Corridors and 7th Street and Central Avenue Corridors along Missouri Avenue. The Submarket and surrounding environs boast some of the highest single family home prices ($1 million+) in urban Phoenix.
Since 2013, the Submarket has witnessed in excess of $100 million in private development and redevelopment projects which include, but are not limited to: Town & Country redevelopment and expansion, Phoenix Children’s Hospital $15 million expansion, Central Avenue Camelback Road adaptive reuse and redevelopment restaurant projects, and Missouri Avenue and 7th Street Restaurant Row developments.
“The Buyer, a residential developer based in California, was attracted to the property for a whole host of reasons,” states Patrick Burch, vice president at ABI and co-lead broker on the transaction. “Primarily, this particular land is the only land available for redevelopment within a half mile in any direction. The Buyer has plans to redevelop the property into 51 urban townhomes in a for-sale project with final entitlements delivering later this year.”
The Seller was a California-based private investment group.
The Buyer was a California-based private single family, multifamily-residential developer.
The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Royce Munroe, Ryan Smith and Nathan Bruer represented the Buyer and Seller in this transaction.
