Description

Transwestern has been exclusively retained to sell this multifamily development site located near the northern terminus of the light rail system. The property is currently zoned R-3 City of Phoenix multifamily and provides an opportunity for a new buyer to hold the asset as investment property or develop as an apartment or townhome project. The property is available individually or as a portfolio with another multifamily site located at 10610 N 16th Lane, Phoenix, Arizona 85029.

This property is located on Morton Avenue between 19th and 21st Avenues, in Phoenix, Arizona. The property is situated near Phoenix Spectrum Mall and is a 1/2 mile east of the I-17 Freeway. Given the location of the property in relation to the significant employment demand throughout Central Phoenix and North Glendale (180,000 working age adults) this site is ideal for workforce type affordable rental housing or townhomes targeted at first time home buyers. Additionally, the northern most terminal of the new light rail transportation system is a mere 1.5 miles southeast from the property at Bethany Home Road and 19th Avenue.

The property itself totals approximately 74,804 net square feet or 1.72 acres. This parcel is currently zoned City of Phoenix R-3, which allows for medium density residential development. Based on current zoning, this site would allow for the construction of 27 - 31 total units. The surrounding neighborhood is not conducive to the development of a luxury community. However, given the need for affordable housing in this location both tax credit and market rate multifamily development as well as starter home development is feasible.