Capital Foresight has acquired Avante Apartment Homes in Phoenix for $51.5 million. Heers Management, an entity controlled by Inland Empire Builders, sold the 428-unit community. According to Yardi Matrix, the transaction was subject to a $40 million permanent loan, provided by KeyBank.
The community comprises 57 one-bedroom, 322 two-bedroom and 49 three-bedroom units, ranging from 717 to 1,080 square feet. Constructed in 1999, the fully gated, two-story Avante Apartment Homes sits on 21.5 acres. Common-area amenities include a fitness center, a clubhouse, a playground, a swimming pool, a barbecue area and covered parking.
Avante Apartment Homes is located at 6161 W. McDowell Road, next to the upcoming Loop 202 expansion and Interstate 10. According to Rue Bax, senior managing partner at ABI Multifamily, daily traffic volume on the new interchange is expected to reach between 117,000 and 190,000 vehicles, on average. In addition to immediate access to mass transportation, the neighborhood provides a wide array of retail, restaurants and entertainment destinations. Downtown Phoenix is situated just 9 miles away.
“Avante is a well-constructed, meticulously maintained late ‘90s apartment project in a location with no new development. With rents for both the property and submarket nearly $200 below that of the Phoenix MSA average, and large apartment sizes, make this a perfect value-add play for the buyer,” said Alon Shnitzer, senior managing partner at ABI Multifamily, in a prepared statement.
Shnitzer, along with Rue Bax, Eddie Chang, John Kobierowski and Doug Lazovick represented both parties in the transaction. The ABI Multifamily team recently closed the $11.6 million transaction of Scottsdale Haciendas, in Scottsdale, Ariz., on behalf of Canadian investor Western Wealth Capital.
Image courtesy of ABI Multifamily