3rd Ave Investments Acquires Multifamily Property In Phoenix For $34.3M

The multifamily asset located at 5008 E Thomas Rd in Phoenix, Arizona has been sold in a recent transaction. The property consists of 155 units with a total square footage of 96,822. The sale price for this property was $34,275,000, resulting in an average price per unit of $221,129. The price per square foot was $354, and the property sits on approximately 5.57 acres, with an average price per acre of $6,153,501.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $34,275,000
• Units: 155
• Price per Unit: $221,129
• Square Footage: 96,822
• Price per Square Foot: $354
• Acreage: 5.57
• Price per Acre: $6,153,501

3rd Ave Investments was the buyer in this transaction, while Tide Equities served as the seller. The deal was facilitated by brokers Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick from the Institutional Apartment Group - ABI Multifamily.