Taylor Street Advisors, a leading commercial real estate investment advisory firm, announced the sale of Shorewood Apartments, a 21-unit mid-century modern apartment community located in one of the hottest streets and submarket pockets in central Phoenix. The asset commanded a sales price of $4,900,000 or $233,333 a unit.
Brian Tranetzki, Principal of Taylor Street Advisors and Anton Laakso, Vice President Investments, negotiated the transaction on behalf of both the buyer, an out of state investor and the seller, a private investment fund.
Shorewood Apartments located just off Central Avenue and Osborn at 3601 N. 5th Avenue, in Phoenix Arizona included a full renovation by a professional real estate investor where he significantly increased the value through the addition of in suite washer and dryers, new floors, kitchens and baths.
“The speed of this deal really shows how incredible demand is for downtown, for both owners and the residents, especially close to Central Avenue”, states Tranetzki. Laakso added, “The vast increase in popular restaurants, coffee shops and improved employment along the central corridor tends to create a great pride of ownership with the best buyer rising to the top”
Tranetzki and Laakso also represented the seller of Shorewood as their buyer in December of 2019, where he paid $3,100,000 or $145,800 a unit.