ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $26,726,000 / $161,000 Per Unit / $279.02 Per SF sale of Cascada Del Sol Apartments, a 166-unit multifamily apartment property located in Phoenix, Arizona.
Built in 1974 Cascada Del Sol consists of 166 garden-style units and represents a value-add opportunity through interior and exterior renovations. The property features a mix of 54 studio units, 68 one-bedroom / one-bath units, 28 two-bedroom / one-bath units, and 16 two-bedroom / two-bath units with a weighted average of 577 SF. The community’s amenities include a swimming pool with furnished sun deck, clubhouse, picnic areas with BBQ grills, laundry facility, 24-hour automated package center, and open / covered parking.
Cascada Del Sol is located in the Northwest Phoenix submarket, between the I-17 and SR-51 freeways and approximately four miles from Grand Canyon University. The property is also near the Glendale/19th Avenue Light Rail Station and a block away from numerous shopping, dining and entertainment options at Christown Spectrum Mall. Having the light rail within walking distance (0.6 miles) creates a convenient travel option for residents allowing for easy access to the rest of the Phoenix metropolitan area.
ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick brokered this transaction.
The Buyer is Rise48 Equity, a Phoenix-Based Real Estate Firm.
The seller is based in Canada.