ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $37,500,000 / $300,000 Per Unit / $360.11 Per SF sale of The Vicinity Apartments, a 125-unit multifamily apartment community located at 6131 North 16th Street, Phoenix, Arizona. ABI Multifamily’s Phoenix-based Institutional Apartment Group—Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick facilitated the transaction.
The buyer and seller are based in Arizona.
The Vicinity Apartments is a 125-unit apartment community located in north-central Phoenix, Arizona. Situated just north of East Bethany Home Road between 16th Street and State Route 51, residents enjoy direct access to all areas of Phoenix by way of these major thoroughfares as well as the Interstate-10, Interstate-17, and State Route 202. Neighborhood conveniences and services in close proximity to the property include: Sprouts Farmers Market, Safeway, Chase Bank, Walgreens Pharmacy, Wells Fargo Bank, and Cost Plus World Market. Additional area dining and entertainment options are also located at the nearby intersection of 16th Street and Bethany Home, just a five-minute walk from the property, and include highly sought after and exclusive destinations such as: The Vig Uptown, Sweet Republic, Luci’s Healthy Marketplace, Rehab Burger Therapy, and Bluewater Grill. About 2.2 miles to the southeast, The Biltmore Fashion Park offers 517,000 square feet of prime retail space in one of Phoenix’s most affluent areas. Anchored by Macy’s and Saks Fifth Avenue, this upscale, premier outdoor lifestyle center offers a collection of over 70 retail and fine dining destinations. These aspects make The Vicinity Apartments a highly desirable community for its residents.
Built in 1975, The Vicinity Apartments features 125 units in 10 two- and three-story buildings. All 10 buildings are of wood frame construction and stucco exterior finishes, flat roofs, and situated on approximately 4.32 acres of land. The property features an attractive mix of 49 one-bedroom units, 26 two-bedroom townhome-style units, and 50 two-bedroom / two-bathroom units with a weighted average of 833 square feet. Each unit is individually metered for electricity and gas, features individually mounted HVACs, and has hot water provided by a master boiler. Interior amenities include: air conditioning / heating, hardwood-style flooring, walk-in closet, patio / balcony, extra storage, and kitchen fully-equipped with stainless-steel appliance packages (select units), oven / range, refrigerator, garbage disposal, microwave, and pantry. The community also provides its residents with a swimming pool and spa, fitness center, business center, laundry facility, clubhouse, open courtyard, barbecue grills, picnic area, mature landscaping, controlled access, and on-site covered and open parking.
Significant employers in close proximity to the property include the numerous companies located in Midtown, Downtown, and the Camelback Corridor, as well as Banner Health, St. Joseph’s Hospital, U-Haul International, Wells Fargo, and Phoenix Children’s Hospital.