Real Estate: Metro 12 Apartments Set Record For Sale Price Per Unit

On July 26, 2013 by Vestis Group

Real Estate: Metro 12 Apartments Set Record For Sale Price Per Unit

By Kristena Hansen | Phoenix Business Journal

Metro 12 Lofts | Downtown Phoenix Multifamily Sale

Metro 12 Lofts, a 12-unit apartment project near Fourth Avenue and Fillmore Street in Phoenix, recently was sold for $2.32 million and will be converted to condos.

A Scottsdale investment group recently purchased a 12-unit multifamily complex, dubbed Metro 12. It rests on the edge of the Roosevelt Historic District near the heart of downtown Phoenix.

While the complex is small, the deal is interesting for several reasons.

First, the price per unit is a record-breaking $193,750 for the Valley’s multifamily market. The previous record-holder was the 253-unit Pavilions on Central, which sold last month to Dallas-based Crow Holdings for $185,450 per unit, or $47 million.

Second, Metro 12 was built in 2008 as a condominium complex.  - more at bizjournals.com

 

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