Elevate at South Mountain, a 128-unit apartment community in Phoenix, Arizona, sold for $22,300,000 in a transaction structured 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 rapidly gentrifying South Mountain Village neighborhood. The property was especially appealing to the buyer, as extensively renovated and stabilized multifamily communities in South Mountain Village are scarce and rarely sold.
“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 Abert.
“Acquisition of Elevate at South Mountain enables Gudi Real Estate to cash flow from day one. They look forward to improving on the stabilized operations and revenues over the future holding period,” said Zinn.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.