ABI Multifamily Brokers $2M Sale in Phoenix

Pierson Palms Apartments traded hands between private investors from California and Arizona. ABI Multifamily represented both parties in the $2.22 million transaction.
Pierson Palms Apartments

Pierson Palms Apartments

ABI Multifamily closed the sale of a market-rate apartment community in Phoenix, Ariz., known as Pierson Palms Apartments. A private investor based in California bought the property for $2.22 million from a private entity based in Arizona. John Klocek, Patrick Burch, Royce Munroe, Ryan Smith and Nathan Bruer comprised ABI’s team, representing both parties in the transaction. The Phoenix-based ABI Multifamily closed on two other apartment communities earlier this year—New Horizons Apartments and Country Club Apartments.

Transit-adjacent community

The property is located at 327 W. Pierson St., near Phoenix’s main corridor on North Central Avenue. Residents of the community have access to transit options, including two light rail stations within walking distance. The central corridor offers multiple shopping and entertainment options, with the Uptown Plaza shopping mall being only a 10-minute walk away. “The property is located less than one-third of a mile to two separate light rail stations and is literally minutes from all the major job and development projects occurring along the Central Corridor. The buyer saw a great opportunity to purchase a substantially rehabbed project in an area with significant demand,” said John Klocek, vice president of ABI, in a prepared statement. Pierson Palms Apartments is a two-story community built in 1958, resting on 0.87 acres of land. The asset totals 20 units, six of which are one-bedroom, nine are two-bedroom/one-bath, and five are three-bedroom/two-bath apartments, averaging 829 square feet of living space.

Image courtesy of ABI Multifamily