ABI Brokers Sale of 2 Phoenix Communities
- Aug 11, 2017
ABI Multifamily has brokered the sale of two Arizona communities that traded for a combined $7.4 million. The residential properties are as follows:
- New Horizons Apartments
- Country Club Apartments
New Horizons Apartments is a 51-unit community located at 1510 N. 48th St. in Phoenix. M & L Financial Properties sold the asset for nearly $4.7 million to Nicolan, a locally owned brokerage company, according to Yardi Matrix. The three-building property offers 950-square-foot two-bedroom floor plans. Amenities include a playground, laundry facilities and 83 parking stalls. Over the last several years, New Horizon underwent interior and exterior renovations. The asset is strategically located in the South Arcadia neighborhood, in the vicinity of both North Tempe and downtown Phoenix. Additionally, the community offers convenient access to Sky Harbor International Airport, health care, shopping options and key employers.
ABI’s Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick, represented the seller in this transaction. “This is a tremendous growth area where the buyer sees great value in having an all two bedroom – two bathroom apartment project, that can still be further renovated in the interiors with washer/dryer upgrades,” Bax, senior managing partner at ABI, said in prepared remarks.
High rental demand
Located in Tempe, Ariz., the 27-unit Country Club Apartments covers a 0.77-acre site at 1917 E. Broadway Road. A California-based private investor purchased the two-story development for almost $2.7 million. Built in 1963, the community offers a mix of one- and two-bedroom floor plans averaging 889 square feet. Each unit is individually metered for electricity. Amenities also include a swimming pool and laundry facilities.
“The Seller purchased the property several years ago and was able to maintain a good tenant base with high occupancy rates. The buyer saw a great opportunity to purchase a property in the South Tempe submarket which is experiencing tremendous renter demand due to major construction and renter displacement in North Tempe. The buyer intends to do a full renovation of the interior and exterior of the property to capitalize on this increased rental demand in the area,” Ryan Smith, vice presidents at ABI, said in a prepared statement.
Smith along with Rue Bax, senior managing partner, represented both the seller and buyer in the transaction.
Images courtesy of ABI Multifamily