45-unit Apartment Complex Trades for $133k/door in Phoenix

Article originally posted on HERE on July 26, 2021

PHOENIX – Casa Monte Vista Apartments, a 45-unit complex located at the base of South Mountain, traded today for $5,995,000 or $133,222/door. Casa Monte Vista Apartments was constructed in 1985 and is located at 120 West Dobbins in Phoenix, AZ. Zack Mishkin and Jackson Everhart of ORION Investment Real Estate represented the Seller, 2420 W Glenrosa LLC, an Arizona limited liability company; Andre Golnazarian. ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer represented the Buyer, Montlake Residential, LLC; John Chelius. About 20% of the property was left vacant at COE per Buyer request.

Casa Monte Vista has a mostly homogeneous unit mix of 44 two bed/one bath units and 1 two bed/one and a half bath unit. The property is in a desirable and growing location known as South Mountain foothills; walkable to the South Mountain Preserve. The units have a great view of Downtown Phoenix to the north and South Mountain Preserve to the South. The property is just a 10 minute drive to the city center of Downtown Phoenix, and is surrounded by freeways for easy access to the highlights of the valley: Phoenix Sky Harbor International Airport, Arizona State University, Tempe, Scottsdale, and Central Phoenix.

Zack Mishkin, Senior Vice President at ORION, commented on the transaction, “It’s no secret that the Phoenix MSA market is on fire… This sale is an example of that. Just 5 months ago, I represented the now Seller on the acquisition of this asset. Just two months later I had him back in escrow as the Seller and with a $1,345,000 lift, which is nearly $30,000/unit. Despite the drastic and rapid profit lift, all the metrics still work quite nicely for the Buyer. Tenants are having difficulty finding places to rent so the Buyer should be able to maximize rental rates at this all two bedroom community, nestled in the quiet and picturesque foothills of the South Mountain Park Preserve.”