Haven at South Mountain | 1630 East Baseline Road, Phoenix, AZ 85040 | 117 Units | $18,150,000 | $155,128 Per Unit | $216.38 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Arizona (November 12, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $18,150,000 / $155,128 per Unit / $216.38 per SF sale of Haven at South Mountain, a 117-unit property in Phoenix, AZ.
Built in 1986 and renovated in 2019-2020, Haven at South Mountain consists of 117 garden-style units. The property features an attractive unit mix of studio (1%), one- (51%), and two-bedroom (48%) units that are all individually metered for electricity. The property’s exterior improvements include: A new leasing office, fitness center, pool furniture, dog park, and playground. Interior improvements include: All new granite countertops, cabinets, wood vinyl flooring, fans, and fixtures.
The community is located in the South Phoenix submarket. The area features the South Mountain Park and Preserve that contains numerous scenic hiking trails. Situated nearby to the property is one of Phoenix’s elite golf courses, the Legacy Golf Resort, South Mountain Community College and numerous retail and dining options. Plans to expand the Light Rail to Central & Baseline, just a couple blocks down the street from the apartment community, adds tremendous value to the property’s location.
Eddie Chang, Partner at ABI, said “The sellers did a phenomenal job remodeling the asset and the finishes they used are above and beyond what you typically see for an 80’s vintage property. The buyers are acquiring a property humming on all cylinders with meat left on the bone and I think they’ll do terrific with this asset.”
ABI Multifamily’s Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax, and Doug Lazovick represented the buyer and seller.
The buyer is a joint venture between InTrust Property Group a California-based private investment firm and Sunrise Multifamily an Arizona-based private investment firm. The seller is WhiteHaven Capital an Arizona-based private investment firm.
ABI Multifamily (http://www.abimultifamily.com/) 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.