Serrano Gardens Apartments | 1915 East Broadway Road, Mesa, AZ 85204 | 97 Units | Built in 1973, Renovated 2016/17 | $8,825,000 | $90,979 Per Unit | $126.00 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – August 1, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $8,825,000 / $90,979 Per Unit sale of the Serrano Gardens Apartments located in Mesa, Arizona. Originally built in 1973 and renovated in 2016/17, Serrano Gardens is a two story, garden-style apartment community that features 97 total units in 6 rental buildings constructed of wood frame and stucco. The property has flat roofs and rests on approximately 3.17-acres. The unit mix consists of 16 one-bedrooms and 81 two-bedrooms with a weighted average size of 722 square feet. Each unit is individually metered for electricity with individual hot water heaters. The community also provides its residents with modern a clubhouse / business center, attractive (and easily maintained) desert landscaping, laundry facility, picnic area with barbeque grills, a video library, fenced-in soccer field, and covered parking.
"Serrano Gardens is ideally located, having major street frontage on Broadway Road and near the site of a future light rail station on Gilbert Road," states Eddie Chang, Partner at ABI, who along with Doug Lazovick, Partner, represented the seller in the transaction. "The seller purchased the property in 2016 and immediately began making renovations to the common area and to unit interiors, which included adding in-suite washer and dryers."
"This marks the second Mesa area purchase for the buyer," states Alon Shnitzer, Senior Managing Partner at ABI, who represented the buyer in the transaction. "Mesa leads the Phoenix Metro in occupancy at 96.1% as of the end of the 2Q. Additionally, Mesa has been a leader in average per unit rent growth, up 5.6% y-o-y, as tenants look for more affordable housing options as newer construction on the metros interior have driven up rents."
The buyer is a private investment partnership based in California.
The seller, Income Property Investors, is a private investment company based in San Diego, CA.
The multifamily brokerage team of Alon Shnitzer, Eddie Chang, Doug Lazovick, John Kobierowski and Rue Bax 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.