ABI Multifamily brokers 180-unit Northeast Phoenix multifamily apartment community for $48 million

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Ascent 1829 Apartments
ABI Multifamily announced the $48,000,000 sale of Ascent 1829 Apartments, a 180-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 $48,000,000 / $266,667 Per Unit / $421.20 Per SF sale of Ascent 1829 Apartments, a 180-unit multifamily apartment community located at 1829 East Morten Avenue, Phoenix, Arizona 85020. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick facilitated the transaction.

Ascent 1829 Apartments is a 180-unit, garden-style apartment community located in prime area between the northeast and north-central submarkets of Phoenix, Arizona. The property’s convenient location provides residents with direct access to all areas of the Valley by way of the State Route 51, Loop 101, Loop 202, Interstate 17, Interstate 10, and the nearby Light Rail Transit System. In addition, there are numerous employment, dining, entertainment, and retail options in close proximity to the property including Downtown / Midtown Phoenix, the Camelback Road & Central Avenue Corridors, Biltmore Fashion Park, and the 7th Street Restaurant Corridor, one of the most popular, revitalized areas in the entire metro. Ascent 1829 is also across the street from Sumida Public Park and a short walk to the famous Pointe Hilton Resort.

Built in 1980, the property is constructed of wood frame and stucco with flat roofs, and is situated on approximately 6.0 acres, which includes excess land that can be utilized to build additional units. The unit mix consists of 32 studio units, 104 one-bedroom / one-bathroom units, and 44 two-bedroom / two-bathroom units with a weighted average of 633 square feet. Each unit is individually metered for electricity and offers air conditioning, ceiling fans, storage area, wood-style flooring, custom accent walls, walk-in closet, patio / balcony (select units), and a full appliance package with dishwasher, garbage disposal, range / oven, refrigerator, and microwave (select units). Community amenities include a resort-style swimming pool, cabana shade structures, resident lobby, outdoor BBQ pavilion, inviting courtyards, fitness center, bike storage area, two laundry facilities, and dog park.