Boutique Phoenix Apartment Trades for $2M
- Jul 28, 2015
Phoenix—A private investor from Scottsdale has expanded a local portfolio with the acquisition of Mode at 18, a recently renovated boutique community in central Phoenix. The 18-unit asset commanded a sales price of $2 million, or $110,833 per unit. Marcus & Millichap’s Brian Tranetzki and Rich Butler negotiated the transaction on behalf of both parties.
“Recently, Mode at 18 was extensively remodeled to include in-suite laundry, polished concrete flooring, new contemporary cabinetry, glass tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, and premium lighting,” Butler says. “The revamped exterior features new covered parking, a sandblasted block facade, contemporary metal monument sign, composite wood access gates with keyed entry, new xeriscape landscaping and expanded pool area with built in outdoor grilling station.”
The property is located at 3311 North 18th Street in Phoenix, minutes from the Central Avenue officer corridor.