ABI Broker’s Sale in Phoenix’s Hottest Submarket, North Tempe

PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com

ABI Broker’s Sale in Phoenix’s Hottest Submarket, North Tempe

Phoenix, AZ – June 5, 2017 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,750,000 / $114,583 Per Unit sale of the Villa Nicole Apartments, a 24-unit apartment community located in Tempe, Arizona. The property is a two-story apartment community, built of solid block construction in 1971 and rests on 0.86 acres. The property features all (24) 2-bed/1-bath units with an average size of 726 square feet. Each unit is individually metered for electricity and property features a pool and laundry facilities.

Villa Nicole | 1014 South Farmer Avenue, Tempe, AZ 85281 | 24 Units | Built in 1971 | $2,750,000 | $114,583 Per Unit | $157.83 Per SF

Villa Nicole | 1014 South Farmer Avenue, Tempe, AZ 85281 | 24 Units | Built in 1971 | $2,750,000 | $114,583 Per Unit | $157.83 Per SF

“The property is located just 3 block from ASU and is literally minutes from all the major job and development projects occurring in and around the North Tempe Submarket,” states Royce Munroe, Vice President at ABI who represented both the Buyer and the Seller. “The Buyer saw a great opportunity to purchase a non-rehabbed, mid-century charm project with substantial upside in rents and in an area where there is significant demand.”

The Seller was a private investor based in Nevada.

The Buyer was a private investor based in Canada.

The Phoenix based ABI Multifamily brokerage team of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch and Nathan Bruer represented the Buyer and Seller in this transaction.

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. 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.