ABI Multifamily Arranges $30M Sale of Phoenix Community
- Dec 02, 2020
ABI Multifamily has secured the $29.8 million disposition of Seventeen 805 Apartments, a 138-unit garden-style community in the Paradise Valley neighborhood of Phoenix. A joint venture between Dalan Management and VM Management sold the property to Project Management Advisors, Yardi Matrix data shows.
Senior Managing Partners Alon Shnitzer, John Kobierowski and Rue Bax, along with Partners Doug Lazovick and Eddie Chang made up the ABI Multifamily team representing both buyer and seller. The new owner received $19.3 million in acquisition financing from Freddie Mac. CBRE Capital Markets originated the 10-year loan.
The property is located at 17805 N. 40th St., adjacent to Paradise Valley Park. The 9.3-acre site is a short distance from routes 51 and 101, 17 miles north of downtown Phoenix. The community is 1.5 miles from a retail center with The Home Depot and Walmart.
Built in 1984, Seventeen 805 comprises seven buildings. The property underwent renovations between 2016 and 2020 which included exterior upgrades and improvements to all common areas. Community amenities include a playground, two swimming pools, three laundry facilities and covered parking. The two-bedroom floorplans range between 980 and 1050 square feet.
In June, ABI Multifamily brokered a value-add community sale in Phoenix. The 28-unit Turney Place Apartments changed hands for $4 million.