Press Release | ABI Multifamily Brokers $7.2M Apartment Sale in Phoenix's I-17 Corridor
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ - November 29, 2016 - ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $7,200,000 / $42,604 Per Unit sale of the Sera Bella Apartments, a value add garden style apartment community, located in Phoenix, Arizona.
Sera Bella Apartments | 2408 West Myrtle Avenue, Phoenix, AZ 85021 | 169 Units | Completed in 1964, 1971, 1976 | $7,200,000 | $42,604 Per Unit | $72.56 Per SF
Situated just west of 19th Avenue and Glendale Road, Sera Bella is a single story garden style community which rests on 7.8 acres of land and was completed in phases between 1964 and 1976. Built of a combination of wood and block construction, the property features a mix of 49- Studios, 70 -1 bed, 46- 2 bed and 4- 3 bed units that range in size from 358-982 square feet.
"The Seller purchased the property back in 2014 and immediately implemented an aggressive repositioning strategy," states Eddie Chang, Partner at ABI and co-lead broker representing the Seller in this transaction. "It is located directly south of the major economic growth occurring in the area which includes HealthPort and Peckham's 850+ employee hiring spree, over $600M in redevelopment projects and a whole host of smaller projects, which certainly gives the Buyer tremendous upside in addition to completing property renovations."
The Buyer, Pacific Terrace Commercial LLC, is a private multifamily investment company based in Oregon.
The Seller, Sera Bella Apartments LP, is an experienced multifamily investment partnership based in Arizona.
The Phoenix based ABI Multifamily brokerage team of Eddie Chang, Rue Bax, John Kobierowski, Alon Shnitzer, and Doug Lazovick 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.
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
ABI Multifamily Brokers $7.2M Apartment Sale in Phoenix's I-17 Corridor
Phoenix, AZ - November 29, 2016 - ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $7,200,000 / $42,604 Per Unit sale of the Sera Bella Apartments, a value add garden style apartment community, located in Phoenix, Arizona.
Sera Bella Apartments | 2408 West Myrtle Avenue, Phoenix, AZ 85021 | 169 Units | Completed in 1964, 1971, 1976 | $7,200,000 | $42,604 Per Unit | $72.56 Per SFSituated just west of 19th Avenue and Glendale Road, Sera Bella is a single story garden style community which rests on 7.8 acres of land and was completed in phases between 1964 and 1976. Built of a combination of wood and block construction, the property features a mix of 49- Studios, 70 -1 bed, 46- 2 bed and 4- 3 bed units that range in size from 358-982 square feet.
"The Seller purchased the property back in 2014 and immediately implemented an aggressive repositioning strategy," states Eddie Chang, Partner at ABI and co-lead broker representing the Seller in this transaction. "It is located directly south of the major economic growth occurring in the area which includes HealthPort and Peckham's 850+ employee hiring spree, over $600M in redevelopment projects and a whole host of smaller projects, which certainly gives the Buyer tremendous upside in addition to completing property renovations."
The Buyer, Pacific Terrace Commercial LLC, is a private multifamily investment company based in Oregon.
The Seller, Sera Bella Apartments LP, is an experienced multifamily investment partnership based in Arizona.
The Phoenix based ABI Multifamily brokerage team of Eddie Chang, Rue Bax, John Kobierowski, Alon Shnitzer, and Doug Lazovick 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.