By Tudor Scolca
ABI Multifamily has brokered the sale of a 135-unit apartment community in Phoenix. California Capital Real Estate Advisors acquired the lender REO property for $7.9 million from iA Financial Group. The transaction was subject to a $5.7 million loan held by New York Community Bank.
Senior Managing Partners Alon Shnitzer, Rue Bax, John Kobierowski, along with Partners Eddie Chang and Doug Lazovick represented both parties in the sale of Brookfield Terrace Apartments. A $4.3 million loan held by iA Financial Group’s insurance arm was foreclosed in 2011.
Brookfield Terrace is located at 6545 N. 19th Ave., in proximity to a Walmart Supercenter and across the street from the 19th Avenue/Glendale light rail station. CALCAP plans to invest approximately $1 million in both interior and exterior renovations. Common area amenities, also to be upgraded, include a clubhouse, a swimming pool, two laundry facilities and 200 parking spaces.
“As residents have been displaced with all the new high-end developments occurring in more urban core areas along the light rail, the buyer hopes to capitalize on this movement by offering a premium, renovated property with more attractive rents,” said Shnitzer in a prepared statement.
The multifamily market in Phoenix is growing rapidly, as population gains and a thriving job market continue to fuel apartment demand.
Image courtesy of ABI Multifamily
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