Classic Phoenix Apartment Sells for $51.3 Million
The buyer of the Madison Grove, Brass Enterprises, paid $300,000 a unit for the 1976-era project. IPA’s Steve Gebing represented the seller, “Madison Grove experienced nearly $78,000 per unit ($13 million) in capital infusion from 2013 to 2017…the buyer can complete the finishing touches on an asset that has advanced its profile better than any other multifamily property in our market built within the 1970’s era. It’s a one of a kind asset.”
During the four-year renovation period, the garden-style property was extensively renovated to include a complete unit interior redesign, roofs were replaced, clubhouse improved, a new fitness center was added as well as a new pool.
Besides the revamp, The Madison Grove was able to maintain its value, due to the fact that only 1,000 multifamily units have been built in the area in the last 20 years.
- ◦Sale/Acquisition
