ABI Multifamily Brokers Phoenix Value-Add Sale
- Jun 18, 2020
ABI Multifamily has arranged the $4 million sale of Turney Place Apartments, a 28-unit value-add community in Phoenix. The firm’s Patrick Burch and John Klocek represented the buyer and seller, both Arizona-based private investors.
Situated on 2 acres at 2019-2025 E. Turney Ave., the community was developed in 1960. The unit mix features one- to three-bedroom apartments ranging from 598 to 950 square feet. According to Burch, the new owner intends to construct additional units on a vacant parcel of land, which was also part of the transaction.
Turney Place is some 7 miles northeast of downtown Phoenix, two blocks east of Freeway 51. There are numerous dining and shopping options nearby—the property is within walking distance of Camelback Colonnade and Town & Country Shopping Center.
In May, ABI Multifamily assisted Western Wealth Capital in the purchase of a 280-unit Phoenix community. Senior Vice President Jack Hannum negotiated the $20.7 million transaction.