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5/02/18
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Rincon Partners has purchased Madison Grove, a 171-unit, Class A multifamily complex in Phoenix, AZ, for $21.45 mil ($122.8k/unit). The property, located at 7045 N. 7th St, also 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.
Madison Grove was sold by ESI,who had acquired the property in 2009 for $5.3 mil. Since that time, the company made substantial improvements to the property including renovation of all interiors and exteriors. The improvements included: new air conditioning; hardwood floors; stainless steel kitchen appliances; window coverings; energy efficient windows; high-end Pental quartz countertops; paint; a wall mounted, cable-ready TV in every unit; carport parking; laundry services; storage; controlled/gated access; and more.
According to Brandon Wolsic, Executive Vice President of ESI, the property improvements were designed to serve the millennial audience that seeks to rent a clean, modern unit with on-site amenities in a walkable environment.
The area surrounding Madison Grove is very vibrant and boasts many amenities including boutique shopping, outdoor space / parks, and contemporary eateries, especially along 7th Street, which is now known as ‘restaurant row’.
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