ABI sells Canyon Springs Apartments for $48M
ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., announced the $48,000,000 / $236,453 Per Unit / $307.13 Per SF sale of Canyon Springs Apartments, a 203-unit multifamily apartment community located in Phoenix, Arizona. 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.
Canyon Springs Apartments is a 203-unit, garden-style apartment community in Phoenix, Arizona. Built in 1981, the property consists of 11 buildings constructed of wood frame, stucco, and flat roofs resting on a 7.98-acre site. The unit mix consists of 131 one-bed / one-bath units, 40 two-bed / one-bath units, and 32 two-bed / two-bath units with a weighted average of 770 square feet. The property is individually metered for electricity, with individual HVACs & master boilers for hot water. Approximately 40% of the units include washer / dryer hook-ups. Interior amenities include: air conditioning / heating, ceiling fans, patio / balcony, walk-in closets, outside storage, and kitchens fully equipped with a refrigerator, dishwasher, range / oven, and microwave. Community amenities include: two swimming pools, two on-site laundry facilities, dedicated rental office / clubhouse, fitness center, and playground.
The property has convenient access to Interstate-17 and US-51, offering multiple points of access to the greater Phoenix Metropolitan area. The nearby Deer Valley / I-17 Employment Corridor is in close proximity to Canyon Springs and provides a very diverse base of large employers including USAA, Safeway, Honeywell, and PetSmart Global HQ. Additional durable demand drivers include proximity to Arizona State University West Campus, Argosy University of Phoenix Campus, Blue Cross Blue Shield of Arizona, Concerta Medical Center, John C Lincoln Breast Health and Research Center, Affiliated Hospitals, and the Honor Health John C Lincoln Medical Center.
The buyer is based in Arizona and the seller is based in Illinois.