ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $41,625,000 / $260,156 Per Unit / $284.71 Per SF sale of Westover Parc Apartments, a 160-unit multifamily apartment community located at 6515 West McDowell Road, Phoenix, Ariz. 85035. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.
Westover Parc Apartments is a 160-unit, complete project, individually parceled / condo-mapped, and fully gated garden-style apartment community in the far West submarket of Phoenix, Arizona. Built in 2002, the property consists of 14 rental buildings, one office, one fitness center, and one maintenance garage structure constructed of wood frame, stucco and pitched composition shingle roofing resting on a 16.13-acre site. The unit mix consists of 88 one-bed / one-bath units, 64 two-bed / two-bath and 8 three-bed / two-bath units with a weighted average of 914 square feet. Units are individually metered for electricity and have individual hot water heaters and HVAC’s (ground-mounted). Interior amenities include: Air conditioning / heating, patio / balcony, ceiling fans, walk-in closets, carpet / wood-vinyl / tile flooring, and kitchens equipped with stove / oven, refrigerator, microwave, dishwasher, full-size washer and dryer, and pantry. Select units offer granite countertops and a stainless steel appliance package. The community also offers: A large dedicated leasing office, swimming pool, fitness center, barbeque grills & picnic areas, dog park, two gazebo areas, gated / controlled access, open / covered parking, and garages.
The property is situated between the Westgate Sports and Entertainment Districts and Grand Canyon University. Westover Parc’s close proximity to a multitude of major transportation corridors such as: the Papago Freeway (Interstate-10), Agua Fria Freeway (Loop 101), Grand Avenue (Highway 60), and the recently constructed extension of the South Mountain Freeway (Loop 202) provides residents with easy access to the entire Phoenix Valley.
Significant employers in proximity to the property include the Medical Technology Corridor (encompassing the Banner University Thunderbird Medical Center, Arrowhead Hospital, St. Joseph’s Westgate), Kenyon Plastering Inc, Empire Power Systems, Swift Transportation Co, retail centers such as Westgate and Desert Sky Mall, and educational institutions including Grand Canyon University, ASU West, and the Glendale Community College network. Furthermore, across the I-10 to the south of the property are numerous distribution hubs for major companies which include: Amazon, O’Reilly Auto Parts, UPS, Target, Autozone, Winco, GAP and DHL.
The buyer is based in Massachusetts and the seller is based in California.