U Apartments @ Scottsdale | 5245 East Thomas Road, Phoenix, AZ 85018 | 71 Units | $11,000,000 | $154,930 Per Unit | $297.72 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (April 10, 2025) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $11,000,000 / $154,930 Per Unit / $297.72 Per SF sale of U Apartments @ Scottsdale, a 71-unit multifamily apartment community located in Phoenix, Arizona. ABI Multifamily's Patrick Burch and John Klocek facilitated the transaction.
The buyer is based in Arizona.
The U Apartments @ Scottsdale is a 71-unit, garden-style apartment community located in the East Phoenix submarket of Phoenix, AZ. Situated on the southeast corner of North 52nd Street and Thomas Road, the property sits roughly three and half miles from Old Town Scottsdale, five miles from Phoenix Sky Harbor International Airport and the Arizona State University Tempe campus, and an approximate eight miles from Downtown Phoenix. Residents also have access to major transportation thoroughfares such as the Loop 202, SR-143, SR-51, I-10, and Loop 101 freeways as well as local area amenities such as Walgreen’s, Target, Petco, and Costco Wholesale.
Completed in two phases between 1960 and 1968, the U Apartments @ Scottsdale is constructed from reinforced concrete with flat roofing. The property features a unit mix consisting of 12 studio units, 47 one-bedroom / one-bathroom units, and 12 two-bedroom / one-bathroom units with a weighted 520 SF average. Unit interiors feature air conditioning / heating, patio / balcony, ceiling fans, walk-in closet, and access to cable and high-speed internet in addition to kitchens fully equipped with stainless steel appliance package which includes refrigerator, dishwasher, microwave, and gas-powered range, oven. The community also provides its residents with a swimming pool, dog park, barbecue grills, and picnic area.
ABI Multifamily facilitated the purchase of this asset at time of trustee sale and then lined up a quick investor group to purchase it immediately. The property previously sold for over $18 million before a few million dollars of improvements were applied. The property also has additional land which could be used to add amenities or additional units. The solid concrete and block construction makes the purchase below replacement cost and a great long-term investment for the buyer.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, San Diego, and Tucson, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.