ABI sells Flats at 2030 Apartment Homes in Phoenix for $37M
ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., announced the $37,000,000 / $156,118 per unit / $310.99 per SF sale of The Flats at 2030 Apartment Homes, a 237-unit multifamily apartment community located at 2030 West Indian School Road, Phoenix, AZ. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.
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The buyer is based in Canada and the seller is based in Texas.https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, San Diego, and Tucson, 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.The Flats at 2030 Apartment Homes is a 237-unit garden-style apartment community in the West submarket of Phoenix, Arizona. Built in 1971 with select exterior and interior renovations in 2019-2022, the property consists of 11 rental buildings constructed of masonry and flat roofing resting on a 4.49-acre site. The unit mix consists of 106 studio units, 129 one-bed / one-bath, and 2 two-bed / one-bath units with a weighted average of 502 square feet. Common area amenities include: Two swimming pools, two clothing care centers, outdoor lounge areas, WiFi café, yoga studio, two enclosed dog parks, outdoor BBQ islands, valet trash services, and free uncovered parking. The property is situated between Downtown Phoenix and the burgeoning Grand Canyon University. The Flats at 2030 Apartment Homes has close proximity to a multitude of major transportation corridors such as: North Black Canyon Freeway (Interstate-17), the Papago Freeway (Interstate-10), Grand Avenue (Highway 60), and the recently constructed extension of the South Mountain Freeway (Loop 202) provides residents with easy access to the entire Phoenix Valley. There are numerous dining and entertainment options nearby, including the Roosevelt Row Arts District where a collection of some of Phoenix’s most unique boutique shops and restaurants are housed in a walkable district in the core of downtown Phoenix. Grand Canyon University has been a boom to the area, as the school has invested more than $1 billion in infrastructure since 2009 which includes: Laboratories, libraries, student support centers, residence halls and recreational facilities. As ofFall 2022 enrollment data, traditional enrollment is reported as approximately 25,000 and the total student body amounting to nearly 115,000 (25,000 campus and 90,000 online enrollments) across all of its program offerings. Significant employers in close proximity to the property include: Grand Canyon University, Kenyon Plastering Inc., Empire Power Systems in addition to the numerous companies located in Midtown, Downtown, and the Camelback Corridor which also include: Banner Health, St. Joseph’s Hospital, U-Haul International, Wells Fargo, and Phoenix Children’s Hospital. ABI Multifamily (