FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix – October 19, 2016 –ABI Multifamily Brokers $2.6M Sale of 56 Units in Northeast Phoenix
ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,600,000| $46,429 Per Unit sale of the 56-unit, Rancho La Fuente Apartments, located in Phoenix, AZ. Built in three (3) phases between 1978 through 1983, the property features nearly all (55) 1-bedroom units with (1) 2-bedroom unit. Average weighted unit size is approximately 572 square feet and is individually metered for electricity.
Ranch La Fuente is a garden-style apartment community that rests on 2.17-acres with 5 total buildings and features an on-site laundry facility, swimming pool and basketball court. The property is located in the Northeast Phoenix Submarket and less than a ¼ mile from both of Phoenix’s major north/south and east/west arterial roadways, Cave Creek Road and Bell Road. The Submarket, specifically it’s more northwestern portion along Bell Road, has witnessed a tremendous amount of economic and development activity which includes Evergreen Development’s 13.5-acre Trellis on Bell, Fry’s Marketplace redevelopment and several new infill single-family home communities.
“The Seller purchased the property in 2012 at the tail end of the downturn,” states Doug Lazovick, Partner at ABI who represented the Seller. “Their primary focus was on maintaining a very clean property with high occupancy rates; throughout their ownership tenure, the property’s occupancy was consistently 95% or greater. The Buyer, a private investment firm based in Arizona, will have an excellent opportunity to push rents with more aggressive management and only needs to make minor improvements to the property to aid in that effort.”
The Seller is a private investment group based out of California.
The Buyer is a private investment group based out of Arizona.
The Phoenix based ABI Multifamily brokerage team of Doug Lazovick, John Kobierowski, Alon Shnitzer, Rue Bax and Eddie Chang represented the 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.