Senior Apartment Team

Linda Fritz-Salazar
Associate Broker
Senior Partner
Call 602.989.9487

Jon Coffen
Senior Partner

Call 602.653.3600

 

Weekly Apartment Closing Update through  May 2, 2019


Property Name
Address
City
No Units
SF
Sales Price
Price/SF
Unit SF Avg.
Sale Date
Year Built
Unit
Price
Unit Mix, % Down Payment, Lender; Previous Sale Date and Amount
Grande Vista
834 N. 13th Avenue
Phoenix
24
13,600
$1,980,000
$145.59
567 SF
4/30/2019
1961

$82,500
8-0/1's, 8-1/1's, 8-2/1's;1% Down; New Loan First Bank for $2,030,000; Last Sale: 9/9/2005 $740,000
Palo Verde
220 S. 3rd Avenue
Avondale
16
11,088
$1,400,000
$126.27
693 SF
4/30/2019
1963

$87,500
Mix Unknown; Cash Sale; Last Sale: 11/1/2007 $239,909
Modern on Peoria
8650 W. Peoria Ave.
Peoria
216
188,991
$26,000,000
137.63
$875 SF
4/30/2019
1984


$120,370
144-1/1's, 72-2/2's; 15% Down; New Loan: M & T Bank, Last Sale: 07/2017 $19,000,000
Tides at Scottsdale
4020 N. Parkway Ave.
Scottsdale
24
10,273
$3,000,000
$292.03
426 SF
5/1/2019
1961

$125,000
22-0/1's, 2-1/1's; 30% Down; New Loan: Opus Bank; Last Sale: 11/2016 $2,075,000
Missouri Crest
1625 W. Missouri Ave
Phoenix
29
22,700
$2,600,000
$114.54
783 SF
5/1/2019
1963

$89,655
20-1/1's, 8-2/2's, 1-3; 30% Down; New Loan: Keystone Com'l; Last Sale: 4/25/2013 $1,420,000
Tierra Antigua
339 N. 75th Street
Mesa
174
185,850
$17,400,000
$93.62
1,068 SF
5/1/2019
2003

$100,000
18-1/1's, 78-2/2's, 78-3/2's; LLIHTC/Tax Credits; Rent Restricted to 2035; 30% Down; New Freddie Mac Loan; No Prior Sale;
Mode@21 Street & Turney, 4401-4405 N. 21st St. Phoenix 16
11,022

$3,000,000
$272.18
689 SF
5/1/2019
1950, 1971

$187,500
3-1/1's, 12-2/1's, 1-3; Cash Sale; Renovated;  Last Sale: 7/31/2017 $1,025,000
Revival on 40th
1818 N. 40th Street
Phoenix
63
52,818
$5,775,000
$109.34
838 SF
5/3/2019
1981

$91,667
39-1/1's, 24-2/2's; 13% down; New Loan: BOKF; Last Sale: 10/2015 $3,710,000
Bella Norte & Metro on 19th, 1922 W. Palmaritas, Phoenix

488
246,937
$39,750,000
$160.97
506 SF
5/3/2019
1979

$81,455
192-0/1's, 220-1/1's, 73-2/1's; M/M; New Loan for $39,000,000 w/Colony Northstar; Last Sale: 10/2017 $24,700,000
Containers on Grand
1128 N. Grand Ave.
Phoenix
8
5,959
$1,220,000
$204.73
745 SF
5/3/2019
2015

$152,500
All 1/1's; 26% Down; Seller Carry; No Prior Sale

A few slow weeks in sales, then 10 for last week.  Fundamentals in Phoenix Metro continue to be in top Five of the the National Market.  
Lots of Buyers want "in" to our market.  Financing is still attractive and we continue to see a Seller's market.


Data Source: CoStar, BREW, Vizzda plus personal information

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About Us 
The Kasten Long Commercial Group has specialized in apartment brokerage in metro Phoenix since 1998. Our agents have brokered more than 1,000 communities with gross sales in excess of 1 billion dollars.

Kasten Long Commercial Group

5110 N 40th Street, Suite 110 Phoenix, AZ 85018
Designated Broker - Jim Kasten, CCIM
602 445 4113 office - 602 677 0655 cell
Jim@KLCommGroup.com

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