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Rare Biltmore Value-Add Apartment Community Divested
Turney Place Apartments, a 28-unit garden-style property in Phoenix, traded hands for $3.95 million. Built in 1960, the asset presents a prime future redevelopment opportunity that sits on more than two gross acres of land.
The rare value-add opportunity is nestled in an exceptional Biltmore location at 2019–2025 East Turney Ave. Turney Place Apartments is located roughly one mile from the famed 24th Street & Camelback intersection, and walking distance to Camelback Colonnade and Town & Country.
ABI Multifamily’s Patrick Burch says, “As Class A projects get shelved or delayed in the current environment, our feeling is that these well located, mid-century assets will continue to be great opportunities. There is a limited supply of these older, more affordable assets in great locations, but with the right updating, they offer an amazing, much more affordable option to the more expensive, high-end new developments in the area.”
ABI’s Burch and John Klocek represented the undisclosed buyer and seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

