Phoenix Multifamily Property Sells for $12.1 Million

A multifamily property located at 2020 North 32nd Street in Phoenix, Arizona has sold for $12.1 million. The sale was categorized as a loan and took place on June 26, 2022. The asset type is multifamily, but the total square footage of the deal is unknown. No brokers were listed for the transaction.

The property is located in the East Phoenix submarket, which has seen strong demand for multifamily properties in recent years. The area is known for its proximity to major employers, including Arizona State University and the Mayo Clinic. The property is also located near several major highways, making it easily accessible to residents.

The buyer and seller of the property have not been disclosed. However, it is likely that the buyer is an institutional investor looking to add to their multifamily portfolio. The seller may be a private individual or a smaller investment firm.

The sale price of $12.1 million equates to an unknown price per square foot, as the total square footage of the deal is unknown. However, it is likely that the property is a mid-sized multifamily complex, as larger properties in the area typically sell for much higher prices.

Overall, the sale of this multifamily property in Phoenix is indicative of the strong demand for multifamily properties in the East Phoenix submarket. With its proximity to major employers and highways, the property is likely to continue to attract renters and provide a solid return on investment for the buyer.