2414 W Devonshire Avenue 16 units sold June 9,2017

Jim Kasten
By | 2017-08-24T19:52:53+00:00 June 8th, 2017|

On June 9th, 2017, the 16 unit Devonshire Apartments located at 2414 W Devonshire Avenue in Phoenix sold for $1,000,000 ($62,500/unit) and was purchased by an exchange buyer out of southern California. The building was acquired by the seller in September of 2016 for $780,000. After installing automated entry/exit gates and restricting access to the property, the owner then completed modest unit interior upgrades, repainted the building and upgraded the common area exterior lighting at the property. The improvements resulted in rental rate increases of approximately 10%. The sale was brokered by Scott Trevey with the Kasten Long Commercial Group.

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Jim Kasten
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