Cashen Realty Advisors announced the sale of a 1.37-acre residential parcel located at 329 E. Coronado Road in the Alvarado Historic District Area of Phoenix. The parcel is zoned R-4 and has approved plans for 20 three-story townhome units. The property, destined to be the Coronado Commons, sold for $1,323,000 and is one of the first projects approved under the new City of Phoenix Urban Infill Program. Unit sizes are between 1,779 SF and 2,330 SF and construction costs are estimated to be $3.6M.
The seller in the transaction was the Gutkin Family represented by Josh Landers of Commercial 33 Brokerage in Phoenix. The buyer in the transaction was SRM Development, principals Mike Smith and Don Allison. The buyer was represented by Cashen Realty Advisors.