ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $29,750,000 / $215,580 per Unit / $218.34 per SF sale of the Seventeen 805 Apartments, a 138-unit property in Phoenix, AZ.
Built in 1984, renovated tastefully between 2016-2020, Seventeen 805 presents a value-add opportunity through continued interior renovations. Existing recent renovations include fully renovated common areas, exterior and select interiors. The property consists of 138 garden-style units, with 99 percent of units being two-bedroom / two-bathroom unit types ranging from 980 to 1,050 square feet. All units are individually metered for electricity and contain individual hot water heaters.
The community is located in the desirable North Paradise Valley submarket (Northeast Phoenix MSA), next door to the Paradise Valley Park numerous recreation areas, walking trails, a dog park, and a skate park. The property is also a quick drive to Paradise Valley Community College and a short walk to Paradise Valley High School. Seventeen 805 features ease of access to the AZ-51 and 101 freeways as well.
Alon Shnitzer, Senior Managing Partner at ABI, stated ”Seventeen 805 Apartments provides the buyer with a tremendous value-add opportunity for a property that has already undergone a multitude of renovations, heavy lifting done as we say in the business, in a submarket that has witnessed consistent year-over-year rent growth for the past ten years.”
Shnitzer added “Seventeen 805’s unit mix which consists of almost all two-bedroom and two-bathroom unit types is quite unique is this area and in general and the fact that the average unit size is at a large 1,000 square feet will likely be more valuable to some renters during the rise of remote working and learning.”
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick, and Eddie Chang represented the buyer and seller.
The buyer is a California-based private investment firm. The seller is a joint venture between New York-based Dalan Management and Arizona-based VM Management.