ABI Multifamily brokers 117-unit South Phoenix multifamily apartment community for $32 million

159
Haven at South Mountain Apartments
ABI Multifamily announced the $32,000,000 sale of Haven at South Mountain Apartments, a 117-unit multifamily apartment community in Phoenix, Arizona.

ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $32,000,000 / $273,504 Per Unit / $381.49 Per SF sale of Haven at South Mountain Apartments, a 117-unit multifamily apartment community located at 1630 East Baseline Road, Phoenix, Ariz. 85040 in Phoenix, Arizona. ABI Multifamily’s Phoenix-basedInstitutional Apartment Group—Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.

The buyer is based in California. Intrust Property Group, the first of the selling entities, is based in California and Sunrise Multifamily, the second entity, is based in Arizona.

Haven at South Mountain Apartments is a 117-unit garden-style apartment community built in 1986 in the South Phoenix submarket of Phoenix, Arizona. The property consists of 8 rental buildings constructed of wood frame, stucco, and flat roofing resting on a 4.67-acre site. The unit mix consists of a 1 studio, 60 one-bedroom / one-bathroom, and 56 two-bedroom / two-bathroom units with a weighted average of 717 square feet. All units are individually metered for electricity, feature individual hot water heaters, and are installed with individual roof-mounted HVAC units. A majority of the units are pre-plumbed and contain washer / dryer appliances. The property’s exterior improvements include: Leasing office, fitness center, swimming pool with furniture, dog park, barbecue grills, and playground. Interior improvements include: All new granite / quartz countertops, cabinets, wood vinyl flooring, fans, and fixtures. All 2nd floor two-bed units feature vaulted ceilings.

The community is located in the South Phoenix submarket approximately seven miles south of Downtown Phoenix and Phoenix Sky Harbor International Airport. Haven at South Mountain’s proximity to a multitude of major transportation corridors such as: The Arizona Veterans Highway (Interstate-17), Superstition Freeway (US-60), and the Papago Freeway (Interstate-10) provides residents with easy access to the entire Phoenix Valley. A key area amenity is the South Mountain Park and Preserve which features more than 16,000 total acres of recreational outdoor space and over 50 miles of trails for hiking, horseback riding, and mountain biking. Also situated nearby to the property is one of Phoenix’s elite golf courses, the Legacy Golf Resort, South Mountain Community College and numerous retail options such as: Target, Fry’s Food & Drug, The UPS Store, Walgreens, PetSmart, Walmart Neighborhood Market, Discount Tire, and the dining opportunities at The Farm at South Mountain. Plans to expand the Light Rail to Central & Baseline, just a couple blocks down the street from the apartment community, will connect the nearby area to Downtown Phoenix adding tremendous value to the property.