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ESI Ventures Sells PHX MF for 4X Purchase Price
ESI Ventures divested Madison Grove Apartments in Phoenix to Rincon Partners in an off-market transaction valued at $21.45 million. The Beverly Hills, CA-based commercial real estate investment firm had purchased the asset in 2009 for $5.3 million and made substantial improvements to the property.
The fully-renovated Class A multifamily complex is located at 7045 N. 7th St., and has 171 units. The property features a resort-style pool, state-of-the-art fitness center, fire pits, pet park and outdoor BBQ patio area with TVs, heaters and misting system.
ESI’s Brandon Wolsic says, “We saw value in renovating this property, as the multifamily market in Phoenix has been gaining traction since 2017. The property improvements executed were designed to serve the millennial audience that seeks to rent a clean, modern unit with on-site amenities in a walkable environment.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition