ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $2.9 million / $145,000 per uUnit / $233.49 per square foot sale of 1011 Apartments, a 20-unit multifamily apartment community located in Phoenix, Arizona. The buyer and seller were represented by ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer. The buyer and seller are based in Arizona.
1011 Apartments is a 20-unit, garden-style community located at 6623, 6627 & 6631 South 10th Street and 6624 & 6632 South 11th Street in Phoenix, Arizona. This community is comprised of (5) contiguous parcels with (2) duplexes on each parcel, each of wood-framed construction and originally built 1986. The property consists of ten separate buildings across +/-1.23 acres which allows for ample parking for residents along with the space to create exterior community areas. This property provides an ideal unit mix, consisting of 100 percent 2-bedroom / 1-bathroom apartments at 621 square feet each. 1011 Apartments has recently undergone significant interior upgrades including vinyl-plank flooring, updated countertops, window coverings, paint, bathroom remodels, cabinets, and more. Exterior upgrades include roofing & air condition systems (or mini split systems) being replaced in the last 18 months across all buildings.
This property is located in the South Phoenix submarket approximately six miles south of Downtown Phoenix and Phoenix Sky Harbor International Airport. 1011 Apartments 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. Another driving force for the surrounding area is the installation of the South Phoenix Light-Rail extension. Upon the project completion (scheduled for mid-2024) the property will be walking distance to the Central & Southern stop allowing passengers to access all of Phoenix MSA adding tremendous value to the property.