ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $25,550,000 / $266,146 Per Unit / $256.09 Per SF sale of Rise Melrose Apartments, a 96-unit multifamily apartment community located at 930 West Indian School Road, Phoenix, Ariz. 85013. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller.
The buyer is based in Washington and the seller, Rise48 Equity, is based in Arizona.
Rise Melrose Apartments is a 96-unit apartment community in the North Central submarket of Phoenix, Ariz. Situated on West Indian School Road, the property sits approximately four miles from the Biltmore area and Downtown Phoenix. Residents enjoy a premium, central location with direct access to all areas of Phoenix by way of the Interstate-17, Interstate-10, and State Route 51.
An abundance of dining and entertainment options are just a five minute drive away at Uptown Plaza at the intersection of Camelback Road and Central Avenue where residents have ready access to desirable destinations such as: Postino’s, The Windsor, Federal Pizza, Joyride Taco House, Shake Shack, Lou Malnati’s Pizzeria, and Flower Child, among many more. Furthermore, the property is within walking distance to the desirable and welcoming Melrose District, an area characterized by boutique bars, shops, and restaurants that include: Copper Star Coffee, Short Leash Hot Dogs and Rollover Doughnuts, Frybread House, and Restaurant Progress.
The 96 units are arranged in 11 two-story buildings with block construction, stucco exterior finishes, and flat roofing situated on approximately 3.30 acres of land. Community amenities include: Two swimming pools, 24-hour fitness center, parcel package lockers, outdoor patio dining areas with barbecue grills, common areas with Wi-Fi, and complimentary movie rentals. The property consists exclusively of (96) two-bed / one-bath units averaging 1,039 square feet. Each unit is individually metered for electricity, gas, and feature individual roof mounted HVAC’s. All units include stackable washer / dryer appliances. Interior amenities include: Air conditioning / heating, hardwood flooring, upgraded lighting fixtures, vertical blinds, and walk-in closets. Select units include stainless steel appliance packages, updated kitchens with tile backsplash, white cabinetry, updated countertops, double stainless steel kitchen sink, and personal patios.
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.