North Phoenix Community Commands $32M
- Dec 12, 2018
A 266-unit community in northern Phoenix has traded between two private individuals. Dubbed Sanctuary on 22nd, the property sold for $31.8 million. According to Yardi Matrix, the sale was subject to an $18.2 million Fannie Mae loan, originated by Berkadia.
Sanctuary on 22nd is located at 8530 N. 22nd Ave., sitting on a 10-acre plot. The community comprises 152 one-bedroom and 114 two-bedroom units, ranging from 632 to 996 square feet. Previous ownership implemented a complete exterior and partial interior renovation program. Common-area amenities were improved, and the package now includes:
- clubhouse with fireplace
- coffee bar
- fitness center
- social patio
- business center
- barbecue area
- two swimming pools
Situated in the Metrocenter submarket, the property is within a short distance of the Metro Plaza shopping center, which includes more than 100 retailers, a movie theater, restaurants and other attractions. Interstate 17 is less than 2 miles away. Public transit is also nearby in the form of a light rail station.
The sale of Sanctuary on 22nd represented the highest per-unit price (at $119,652) in the Metrocenter submarket over the past 12 months, according to Yardi Matrix. Phoenix is among the nation’s top cities in rent growth, up by 5.4 percent as of September, according to the latest multifamily report. Sanctuary on 22nd averages monthly rates of $954, slightly below the metro’s average—$1,085. ABI Multifamily facilitated the value-add transaction, representing the seller.
Image courtesy of ABI Multifamily