PRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Transacts $1.59M Value Add Multifamily Property in the Heart of Phoenix
Phoenix, AZ – December 15, 2016 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $1,595,000 / $55,000 Per Unit sale of the Encanto Park Apartments, a 29-unit apartment community located in Phoenix, Arizona.
Encanto Park Apartments | 730-820 East Turney, Phoenix, AZ 85014 | 29 Units | Built in 1944/46/48 | $1,595,000 | $55,000 Per Unit | $86.47 Per SF
"Encanto Park Apartments is in the heart of Phoenix right off 7th Street between Camelback and Indian School Roads. This area has been undergoing a revitalization over the last year, and continues to attract investors interested in improving the neighborhood. Many of these buildings were built in the 1940's and have not had many renovations since they were built, making them an ideal value-add opportunity," states John Klocek, Vice President with ABI Multifamily. Situated on Turney Avenue, Encanto Park is a single-story apartment community which rests on 2.2 acres of land and was completed in 1944, 1946, & 1948. The property consists of 83% 1-bedroom units with an average size of 636 SF. Each unit is individually metered for electric. The community features an attractive central courtyard, laundry facilities and both covered and uncovered parking.
"The Buyer was interested in Encanto Park for many reasons," states Rue Bax, Senior Managing Partner at ABI representing the Buyer in this transaction. "First, the property offers an affordable rent with attractive upside potential through renovation of the interiors. With robust rent growth in Downtown Phoenix and Midtown Phoenix, renters are looking on the periphery of these areas for quality housing. Considering the property's close proximity to major employment epicenters, the new owners look to capitalize on the renter displaced by all the expensive new construction, yet close enough to still benefit from the new job growth of those areas."
The Seller is a private investor based in Calgary, Canada.
The Buyer, California-based M & L Financial Properties, is a full service real estate investment company with over 500 units owned across the Phoenix Metro.
The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Ryan Smith, Royce Munroe and Nathan Bruer represented the Seller, and Rue Bax, John Kobierowski, Alon Shnitzer, Doug Lazovick and Eddie Chang represented the Buyer 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.