Phoenix Business Journal
Image: Taylor Street Advisors
A recently renovated 16-unit downtown Phoenix apartment complex near the popular Roosevelt Row historic district has sold for $3.9 million.
That price translates to $243,750 per unit for the midcentury complex at 631 N. 14th Ave called The Hepburn.
The transaction was recorded on Dec. 27, with the Maricopa County Recorder’s Office listing the seller as 631 N 4th Ave LLC and buyer as California-based Ivanessa Management LLC.
Brian Tranetzki and Anton Laakso, multifamily investment specialists with Taylor Street Advisors, had the exclusive listing and negotiated the transaction on behalf of the seller, a local syndicator and the buyer.
Tranetzki and Laakso in a statement highlighted the location’s proximity to Arizona State University’s downtown Phoenix campus, many restaurants, freeways, light rail, offices and more. They also pointed out the renovation work that was done to update the apartments.
“The Hepburn was built in 1957 and underwent significant renovations in 2022 which include a new roof, all new plumbing, all new electrical including new wiring, panels and meters, new kitchens with new cabinets, quartz countertops, new stainless steel appliances including dishwashers, in suite washer and dryers, new exterior and interior doors, new lighting, new bathrooms with custom tiled showers, vanities, new exterior paint, courtyard landscaping, new fencing, gates and asphalt parking,” Tranetzki said in a statement.
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