ESI Ventures (ESI), a diversified commercial real estate investment firm that acquires, develops and executes value-add and adaptive reuse projects, recently sold Madison Grove Apartments in Phoenix, Arizona for over $21 million. The Class A multifamily complex is a fully-renovated property located at 7045 N. 7th Street, which has 171 units and features a resort-style pool, state-of-the-art fitness center, fire pits, pet park and outdoor BBQ / patio area with TVs, heaters and misting system. ESI purchased Madison Grove in 2009 for $5,300,000 and sold it in 2018 for $21,450,000.
During its ownership of Madison Grove, ESI made substantial improvements to the property including renovation of all interiors and exteriors. Renovations included: new air conditioning, hardwood floors, stainless steel kitchen appliances, window coverings, energy efficient windows, high-end Pental quartz countertops, paint, a wall mounted, cable-ready TV in every unit, carport parking, laundry services, storage, controlled/gated access, and more.
“We saw value in renovating this property, as the multifamily market in Phoenix has been gaining traction since 2017,” says Brandon Wolsic, Executive Vice President of ESI. “The property improvements executed were designed to serve the millennial audience that seeks to rent a clean, modern unit with on-site amenities in a walkable environment.”
The area surrounding Madison Grove is very vibrant and boasts many amenities including boutique shopping, outdoor space / parks, and contemporary eateries, especially along 7th Street which is now known as ‘restaurant row’.
While ESI was not looking to sell, they received a strong off-market offer and sold the property to Rincon Partners. For more information about Madison Grove, visit www.madisongroveapartments.com/.
