ABI Multifamily Facilitates $22M Sale in AZ
- Mar 26, 2019
Deco Communities has sold Cabana at the Pointe, a 180-unit property in Phoenix, for $22.2 million. The company worked with ABI Multifamily in the disposition of the asset. Maricopa County records show that the buyer, a Colorado investor, took out an $18.4 million, three-year acquisition loan from FirstBank.
Situated at 1829 E. Morten Ave., the property consists of studios and one- and two-bedroom apartments in 16 two-story buildings. Amenities at Cabana at the Pointe include a pool, spa, fitness center and full covered parking. Built in 1980 and renovated in 2013, the asset is adjacent to Piestewa Freeway, surrounded by luxury resorts and residential properties. The community is within 3 miles of the Dreamy Draw Recreation area and 10 miles of downtown Phoenix. In February, the community was 96.1 percent leased, according to Yardi Matrix data.
“Cabana at the Pointe represented an exceptional example of a repositioning and renovation play in the Phoenix market, with the foresight to know which location would improve over a relatively short period of time,” said Alon Shnitzer, senior managing partner at ABI Multifamily, in a prepared remark.
The ABI team that worked with the seller consisted of Shnitzer, Senior Managing Partners John Kobierowski and Rue Bax, along with Partners Eddie Chang and Doug Lazovick. Recently, the same team closed another transaction in the area, having represented the seller in the $12 million disposition of the 120-unit Tuscano Village in Glendale, Ariz.
Image courtesy of ABI Multifamily