Elevate at South Mountain, a 128-unit apartment community in Phoenix, Arizona, sold for $22.3 million in a transaction represented by Kidder Mathews. The firm’s Karl Abert and Bret Zinn represented both the seller, Urban Communities, as well as the buyer, Gudi Real Estate Investments. 

The 4.65-acre property includes two recently renovated two-story buildings located at 8818 South Central Avenue in the South Mountain Village neighborhood. The property, which was built in 1986, was especially appealing to the buyer, as extensively renovated and stabilized multifamily communities in South Mountain Village are scarce and rarely sold. Rents range from $800-1200 a month with average room sizes at about 500 square feet.

“With the enduring supply chain challenges and increasing costs in both labor and materials, multifamily renovations are becoming an ever more expensive and timely endeavor,” said Kidder Mathews Abert.