West 35th Apartments sells for $8.8M
ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, announced the sale of a highly renovated North Phoenix, 144 Unit, multifamily property – West 35th Apartments – for $8,820,500 or $61,253 Per Unit.
West 35th Apartments was originally constructed 1983 and was highly renovated in 2011 and 2012. The seller in this latest transaction purchased the property in 2010 through a Freddie Mac short sale process. This was the only known Phoenix large apartment community short sale that Freddie Mac approved of during the latest economic downturn. West 35th Apartments went through dramatic renovations and as a result of these renovations and its great management, the property has become the submarket leader in rental rates and occupancy. The renovations at West 35th Apartments were in excess of $1,000,000 or approximately $7,500/unit, which is considered a dramatic renovation in the Phoenix apartment industry. The property sits on approximately 4.46 acres of land, with 8 total buildings and a dedicated leasing center. All common areas were highly renovated in 2011 and 2012 and over 30% of the interiors were as well. West 35th is a solid and highly sought after “B” class community, with a mix of one and two bedroom floor plans.
“Wow, this is one of the best renovations I have ever seen on a mid-80’s constructed apartment community. West 35th Apartments even has an amazing looking glass pool fence, which is a design feature I’ve never even seen in an “A” class new apartment community in Phoenix. Due to its great presentation, residents are drawn to rent at West 35th and that’s reflective in the market leading rental rates, which they are able to achieve there. ABI Multifamily is pleased to have facilitated this sale and have represented both buyer and seller in the transaction. The combination of this perfectly renovated property and the availability of low interest rate loans, made the buyers purchasing decision easy,” stated Alon Shnitzer, Senior Managing Partner at ABI and one of the lead brokers for this transaction.
The property is ideally located in North Phoenix, just West of the I-17 Freeway and South of the Loop 101 Freeway. With easy access to a plethora of jobs, higher education schools, quality healthcare and shopping, the property is uniquely positioned for continued high demand.
“It appears that the West Valley of Phoenix and specifically the Northwest part of Phoenix, is hungry for quality living. The seller and his staff were meticulous in the design and quality of the renovations at West 35th. He has a great deal of experience with renovations and was able to maximize the rental and occupancy results,” stated Eddie Chang, Partner at ABI and one of the lead brokers for this transaction.
West 35th Apartments is located at 15615 North 35th Avenue in Phoenix, Arizona. The property is in the heart of one of the most desirable areas in the entire valley with great access to the I-17 and Loop-101 freeways. Some of the major employers in the immediate area include General Dynamics, American Express, Discover Card, Honeywell, Cox Communications, John C. Lincoln Hospital, Motorcycle Mechanical Institute, Thunderbird School of International Management and ASU West Campus. The location provides for easy access to major job centers via the surrounding freeways, while also allowing for quick access to many options in all directions for shopping, entertainment, and fine dining.
West 35ths’ high-end community amenities include:
· 24 Hour Laundry Facility
· Recreation, Entertainment and Computer Center with Internet Access
· Fully Gated
· Energy Cool Roofing System
· Picnic Area with Barbecue
· Glass Fenced Resort Style Swimming Pool and Spa with Sun Deck
· Outdoor Barbeque Grills
· Covered Reserved Parking
· Newly Renovated and Fully Appointed Rental Office
· Lush Resort Style Landscaping
Paying attention to every detail, the property takes it up a notch with the interiors. Features include:
· New Appliance Packages (select apartment homes)
· All Electric Kitchen
· Private Balconies and Patios
· Spacious Walk In Closets
· Three Tone Paint
· Upgraded Carpet and Vinyl Flooring (select apartment homes)
· Upgraded Lighting Package (select apartment homes)
· Outdoor Storage Closets
The Buyer, Univest Inc., based in Newport Beach, CA, is an experienced multifamily investor with hundreds of units in the Phoenix market.
The Seller, ICON Builders, based in Scottsdale, AZ, is an experienced multifamily developer and investor.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, Eddie Chang, John Kobierowski, Rue Bax and Doug Lazovick represented both buyer and seller in the transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. 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.