ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $42 million / $262,500 per unit / $356.39 per square foot sale of Rise Metro Apartments, a 160-unit multifamily apartment community located at 2045 West Butler Drive, Phoenix, Arizona 85021. 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.
The buyer is based in Massachusetts and the seller, Rise48 Equity, is based in Arizona.
Rise Metro Apartments is a 160-unit garden-style apartment community located in the northwest submarket of Phoenix, AZ. Situated on West Butler Drive between 19th Avenue and the Black Canyon Freeway (Interstate 17), residents enjoy direct access to all areas of the Phoenix Valley by way of these major thoroughfares in addition to the Piestewa Freeway (State Route 51), Papago Freeway (Interstate 10) and the Pima Freeway (Loop 101). In addition, there are numerous dining and entertainment options in close proximity to the property, including the Christown Spectrum Mall, a 1.2MSF retail power center anchored by key tenants such as: Super Target, Walmart, and Harkins Theatres
Built in 1981, the property is constructed with wood frame and stucco exterior and flat roofs. The unit mix consists of 72 one-bedroom / one-bath units, 36 two-bedroom / one-bath units, 40 two-bedroom / two bath units, and 12 three-bedroom / two bath units averaging 737 square feet. Each unit is individually metered for electricity and features individual HVACs. Interior amenities include: Patio / balcony, ceiling fans, fireplaces (select units), walk-in closets (select units), extra storage space, and high-speed internet / cable access in addition to kitchens equipped with refrigerators, dishwashers and garbage disposals. Each unit is equipped with a stackable washer / dryer. The community also provides its residents with a swimming pool and spa, fitness center, business center, basketball court, barbeque / picnic area and dog walk.
Significant employers in close proximity to the property include the numerous companies located along the I-17 employment corridor, Midtown and Downtown Phoenix, and the Camelback Corridor, as well as Banner Health, St. Joseph’s Hospital, U-Haul International, Wells Fargo, and Phoenix Children’s Hospital.