Northern Palms & Augusta Cove 2 Multifamily Properties Offered at $13,500,000 in Phoenix, AZ

CBRE is pleased to present the exclusive offering of Augusta Cove, a 45-unit apartment community, and Northern Palms, a 50-unit apartment community, both conveniently located adjacent to each other in north central Phoenix. This unique opportunity allows for the purchase of these properties as a combined 95-unit portfolio, offering flexibility to operate them either as a single entity or as separate assets. The properties benefit from their proximity to the revitalized Metrocenter Mall, just an 8-minute drive away. This major redevelopment, with a nearly $1 billion investment, is transforming the mall into a vibrant urban village featuring luxury homes, condos, retail, restaurants, parks, and a rooftop event space, creating a connected, walkable hub with easy access to the new Thelda Williams Transit Center.
Northern Palms, originally built in 1984, underwent a complete refurbishment in 2016, including new windows, doors, roofs, new HVAC systems, electrical systems, controlled-access gates, a dedicated leasing office and storage, and updated kitchens and bathrooms. The property features spacious one-bedroom floor plans averaging 650 square feet, designed with open layouts and ample storage.
Augusta Cove, built in 1972, offers a variety of unit types, primarily two-bedroom units, along with one-bedroom, three-bedroom, and studio apartments. This community is designed in a casita style, spread across 2.5 acres, with private backyards, adjacent parking, and individually metered utilities. This combined offering presents a rare opportunity to acquire two contiguous properties and capitalize on operational efficiencies. The portfolio also offers significant value-add potential through interior and exterior renovations, allowing for increased rental rates and enhanced property value.