Dalan, VM Management Buy 138-Unit Phoenix Asset
- Jun 07, 2018
A joint venture of Dalan Management and VM Management has acquired Seventeen 805 Apartments in Phoenix’s North Paradise Valley. ABI Multifamily brokered the $16.8 million transaction on behalf of the seller, FPA Multifamily.
Seventeen 805 is located at 17805 N. 40th St., near the State Route 51 and 32nd Street redevelopment corridor. The community comprises a single one-bedroom unit of 596 square feet in size, three two-bedroom units measuring 980 square feet and 134 two-bedroom units, which range from 980 to 1,050 square feet. In-unit amenities include individual electricity meters and hot water heaters, air conditioning and fully equipped kitchens. Residents also have access to several common area amenities, such as two swimming pools, laundry facilities, a fitness center, a barbecue and picnic area, a dog park and a playground.
The area surrounding Seventeen 805 features quick access to Phoenix’s major thoroughfares, as well as multiple restaurants, retailers and entertainment. The Paradise Valley Park is within walking distance of the community, while large employers such as the Mayo Clinic or American Express can be reached within minutes by car.
FPA Multifamily specializes in acquiring core plus assets and workforce housing, applying renovations and managing its portfolio. Seventeen 805, initially constructed in 1984, was acquired by FPA for $10.7 million in 2015, according to Yardi Matrix. The private equity firm significantly renovated the property between 2016 and 2017.
“The buyers, Dalan and VM Management, are both experienced Arizona multifamily investors and were drawn to Seventeen 805’s desirable unit mix, low density garden-style living and strong overall economic fundamentals,” said Alon Shnitzer, senior managing partner at ABI Multifamily, in a prepared statement.
Shnitzer, along with Senior Managing Partners Rue Bax, John Kobierowski and Partners Eddie Chang and Doug Lazovick, represented both parties in the transaction.
Photo courtesy of ABI Multifamily