By Tudor Scolca
An apartment community of 25 units has changed hands for $4 million in the Biltmore area of Phoenix. ABI Multifamily brokered the transaction, representing the buyer and seller, both of which are private investors from different states.
ABI’s team of brokers comprised Vice Presidents Royce Munroe, Ryan Smith, John Klocek and Patrick Burch; Senior Managing Partner Rue Bax; and Sales Broker Nathan Bruer. “The buyer saw a great opportunity to purchase a non-rehabbed project with substantial upside in rents and in an area where there is significant demand,” said Bax in a prepared statement.
Tres Arcos Apartments was built in 1969 and is located at 4750 N. 28th St. Its seven buildings offer two-bedroom floorplans averaging 803 square feet per unit. Biltmore Fashion Park, which is a half-mile from the property, features a plethora of restaurants and retailers.
Phoenix Mountains Preserve is about four miles from Tres Arcos and features hiking trails with mountain and desert views, while nearby Camelback Road contains several shopping and dining destinations, a golf club and entertainment venues.
ABI recently brokered another Phoenix apartment community transaction—the $3 million sale of Wilshire Place.
Image courtesy of ABI Multifamily
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