ABI Brokers $5M Sale in Phoenix
- May 29, 2018
ABI Multifamily has brokered the $4.8 million sale of Eclipse Apartments, a 75-unit community in Phoenix. Both the buyer and the seller are private investors from California.
Eclipse Apartments is situated at 2641 W. Butler Drive, adjacent to Interstate 17. The community comprises 15 studios, 15 one-bedroom and 45 two-bedroom units, ranging in size from 250 to 950 square feet. Common-area amenities at Eclipse include:
- a playground
- swimming pool
- two laundry facilities
- 98 parking spaces
The community is near Black Canyon Business Park, which encompasses multiple retailers, restaurants and employment opportunities. Downtown Phoenix is approximately 10 miles away. The 75-unit property previously traded in 2015, according to Yardi Matrix. As of April, the community was 96 percent occupied, with monthly rents averaging $801.
The ABI Multifamily team that represented the seller in the transaction included Senior Managing Partners John Kobierowski, Alon Shnitzer and Rue Bax, along with Partners Doug Lazovick and Eddie Chang.
“Eclipse Apartments provides the buyer with an excellent opportunity to add value through interior renovations. The seller had purchased the property in 2015, executed an exterior renovation plan and had built-up enough equity to take advantage of the current market,” said Lazovick in a prepared statement.
Image courtesy of ABI Multifamily