Prime Infill Land Parcel in 19th Avenue Corridor Sells for $11.31 per SF

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Article originally posted on AZ Big Media on October 12, 2017

Raw land situated in the heart of the bolstering 19th Avenue corridor sold for $855,000, or $11.31 per square foot.

ORION Investment Real Estate’s Zack Mishkin and Dennis Hoth, CCIM were the exclusive brokers in this transaction.

Originally listed with R-3 zoning designation, the land site closed escrow with an R-4A zoning designation. The buyer was UMOM Housing IV, LLC — United Methodist Outreach Ministries (UMOM).

“19North will make affordable apartment homes available to low-income families entering the workforce,” said Darlene Newsom, UMOM CEO. “This development is about providing affordable housing for the teachers, firefighters and childcare workers, allowing them to live in a safe community near their jobs, good schools and the light rail.”

The seller was 2011 West Morten Avenue, LLC, an International Partnership.

The Northwest Phoenix and 19th Avenue corridor sub-market has a longstanding reputation of versatility and accessibility. With the existing infrastructure consisting of a healthy blend of residential, commercial, retail and medical allocations, the immediate area is primed to see continued rapid growth from the opening of the 19th Avenue Phoenix Valley Metro Light Rail expansion.

19North sits walking distance to major strip retail at 19th Avenue and Northern Avenue, and just a short bike ride or drive from major shopping destinations, such as MetroCenter and Christown Spectrum Mall. 19th Avenue and the I-17 Freeway provide convenient access via auto or rail to Phoenix Sky Harbor International Airport, Deer Valley Professional Airpark, Midtown and Downtown Phoenix, and Grand Canyon University, which cause to support a bustling residential core for the epicenter of diverse employment base.