Phoenician Pines Condominium Homes sell for $22 million
ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, announced the $22,000,000 / $239,130 Per Unit / $234.80 Per SF sale of Phoenician Pines Condominium Homes, a 92-unit portion of a 240 total unit condominium community located at 17211 North 35th Avenue, Phoenix, AZ 85053. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the seller in this transaction.
The buyer is based in Arizona and the seller is based in California.
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Phoenician Pines Condominiums is a garden-style, bulk condominium offering consisting of 92 out of 240 total units, with HOA control, currently operating as multifamily rentals. The 92 units in this offering were built in 1982 and converted into condominiums in 2006. All units feature air conditioning / heating, large walk-in closets, patio / balcony, stackable washer and dryer and kitchens fully equipped with refrigerators, dishwashers, garbage disposals, and microwaves. The property was constructed of wood frame and stucco with flat roofing and is individually metered for electricity with individual hot water heaters and HVAC’s. The unit mix consists of 35 one-bed / one-bath units, 39 two-bed / two-bath units, and 18 three-bed / two-bath units averaging approximately 1,018 square feet per unit. The community features prominent Frank Lloyd Wright inspired architecture and provides residents with amenities that include: Two swimming pools and spas, barbecue grills, picnic areas, fitness center, and open / covered parking.
Residents enjoy direct access to the I-17 and US-101 Highways, offering multiple points of access to the greater Phoenix Metropolitan area. The nearby Deer Valley and I-17 Employment Corridor is also in close proximity to Phoenician Pines and provides a very diverse base of large employers including American Express, Honeywell, USAA, Discover Financial Services, and PetSmart Corporate. 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, and the Honor Health John C. Lincoln Medical Center all of which employ more than 6,000 individuals.
ABI Multifamily 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.