ABI Multifamily Brokers East Phoenix 155-unit Multifamily Apartment Community for $34.275 million
July 26, 2021
ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $34,275,000 / $221,129 Per Unit / $354.10 Per SF sale of Tides on 50th Apartments, a 155-unit multifamily apartment property located in Phoenix, Arizona.
Tides on 50th Apartments is a 155-unit apartment community in the East Phoenix submarket (Arcadia) of Phoenix, Arizona. Situated just east of North 48th Street in between East Osborn Road and East Thomas Road, the property sits approximately one mile from the border with the City of Scottsdale, five miles from the Biltmore area, eight miles northeast of Downtown Phoenix, and is located within the prestigious Lower Arcadia neighborhood. Residents enjoy a premium, central location with direct access to all areas of Phoenix by way of Interstate-10, Loop 202, and State Route 51.
Built in 1979 and renovated in 2020-2021, the property consists of a combination of 12 garden-style and single-story buildings constructed of wood frame, stucco, and pitched composition shingle roofing on approximately a 5.57-acre site. The unit mix consists of 20 studio units, 102 one-bed / one-bath units, 17 two-bed / one-bath units, and 16 two-bed / two-bath units with a weighted average of 624 square feet. The property is individually metered for electricity and all units feature individual HVAC’s and hot water heaters. Unit interiors include: Air conditioning/heating, walk-in closets, vertical blinds, ceiling fans, carpeted and vinyl-wood flooring, high-speed internet access in addition to all-electric kitchens equipped with refrigerator, oven/range, dishwasher (select units), microwave (Select units), and pantry. A select number of the units have been renovated with in-unit washer & dryer appliances. Common areas include a dedicated leasing center, pool, spa, dog park, fitness center, two laundry facilities, & covered/open parking
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, 3rd Ave Investments, is based in Arizona.
The seller, Tide Equities, is based in California.