FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Brokers $4M Apartment Sale in Biltmore Corridor
Phoenix, AZ – January 9, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $4,000,000 / $160,000 Per Unit sale of the Tres Arcos Apartments, a 25-unit apartment community located in Phoenix, Arizona.
The property is a single-story apartment community, built of solid block construction and comprised of seven separate buildings built in 1969. The property features all (25) 2-bed/1-bath with an average size of 803 square feet. Each unit is individually metered for electricity and each has an individual backyard.
“The property has premium appeal being located just off Camelback Road and less than a block from the Biltmore Fashion Park,” states Royce Munroe, Vice President at ABI who represented the Seller. “The Buyer,” states Rue Bax, Senior Managing Partner at ABI who represented the Buyer, “saw a great opportunity to purchase a non-rehabbed project with substantial upside in rents and in an area where there is significant demand.”
The Seller was a private investor based in Arizona.
The Buyer was a private investor based in California.
The Phoenix based ABI Multifamily brokerage team of Royce Munroe, Rue Bax, 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.