ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,790,000 / $180,476 Per Unit / $263.19 Per SF sale of Vara, a 21-unit multifamily apartment community located at 2922 North 35th Street, Phoenix, Ariz. 85018. ABI Multifamily’s John Klocek, and Patrick Burch represented the buyer in this transaction.
Vara features 21 units consisting of (19) one-bedroom / one-bathroom units and (2) two-bedroom / one-bathroom units. The property is in a prime South Arcadia location and is gated for extra privacy. The property was built using block construction in 1968 and was modestly renovated in 2017. Each unit is individually metered for electricity. There is still a value-add opportunity through additional interior and exterior renovations.
The property is minutes away from a multitude of local area amenities including: the Biltmore District, 7th Street Restaurant Row, SR-51 freeway, and Phoenix Sky Harbor International Airport. This property is also located near the Camelback Corridor, which continues to grow and combines significant office space with trendy restaurants and high-end retail establishments. Within a bike’s ride distance, tenants are sure to enjoy the boutique eateries which include La Grande Orange Restaurant, The Porch, The Vig, and much more.
The buyer is based in California and the seller is based in California.