FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Brokers 44 Unit, Condo Re-assemblage for $4.17M near Christown Spectrum Mall
Phoenix, AZ – August 2, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $4,170,000 / $94,772 Per Unit sale of the Phoenician Condominiums located in Phoenix, Arizona. Originally built in 1964, Phoenician is a two story, garden-style community that features 44 total units of block construction. The property has pitched roofs and rests on approximately 1.06-acres. The unit mix consists entirely of two-bedroom, one-bath units with an average size of 920 square feet. Each unit is individually metered for electricity.
“Phoenician is centrally located near the 19th Avenue Light Rail corridor near Christown Spectrum Mall,” states Eddie Chang, Partner at ABI, who along with Ryan Smith, Vice President, represented both the buyer and the seller in the transaction. According to Smith, “the West Phoenix Submarket, particularly the area between 7th Ave to 19th Ave from Camelback to Bethany Home has experienced a tremendous amount of interest, not only from investors but also renters. Renters are moving there for reduced rents, especially when compared to the high-end construction occurring in Phoenix’s Midtown and Downtown submarkets, and investors are looking to the area for value add plays.”
The buyer is an experienced private investment partnership based in Arizona.
There were 14 separate sellers in this transaction.
The multifamily brokerage team of Ryan Smith, Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick represented both the buyer and seller in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.