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8/04/22
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44 Monroe, a 184-unit, luxury multifamily community in Phoenix, has traded for $93.5 mil ($508k/unit). Built in 2008, the property is located at 44 W. Monroe St, south of I-10 at Central Ave in the heart of the city’s downtown area.
The property was originally built as a condominium project, ensuring exceptional build quality as well as unique units and upgrades. Community amenities include a fitness center, newly renovated pool and spa, enclosed balconies/patios, conference room and clubroom.
44 Monroe offers a convenient five-minute drive to the I-10 Fwy and just a 10-minute drive to Sky Harbor International Airport. Residents also have access to the Light Rail just steps away from the property. With over 800,000 square feet of retail space in Downtown Phoenix, residents can access a diverse mix of local boutiques, restaurants, bars, lounges and retail stores.
Brad Goff, Brett Polachek and Chris Canter with Newmark represented the seller, HSL Asset Management, in the sale to an undisclosed buyer.
“With a prime location in the center of downtown Phoenix and exceptional build quality, this property generated significant investor interest,” said Goff. “New ownership will have the opportunity to increase value-add potential via unit interior and amenity upgrades to capitalize on the remarkable rent growth the Phoenix area has experienced over the past few years.”
Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63 bil in U.S. sales volume, according to Real Capital Analytics data analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated 65.4%. Trailing twelve-month volume increased to $374.3 bil. Phoenix ranked sixth among major metros in terms of sales volume over the 12 months ending in the first quarter, with $17.5 bil in volume.
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