Cabana at the Pointe Apartments | 1829 East Morten Avenue, Phoenix, AZ 85020 | 180 Units | $22,200,000 | $123,333 Per Unit | $194.81 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – March 22, 2019: ABI Multifamily — the Western US’ leading multifamily brokerage and advisory services firm — has announced the $22,200,000 / $123,333 Per Unit / $194.81 Per SF sale of Cabana at the Pointe Apartments in Phoenix, Ariz.
Cabana at the Pointe is a 180-unit garden-style apartment community located off SR 51 near the Pointe Hilton Resort. The highly desirable North Central Phoenix neighborhood is surrounded by a luxury resort and highly established residential community near the Dreamy Draw Recreation area, and is just minutes from 7th Street’s Restaurant Row and the Central Phoenix employment corridor.
Completed in 1980 and renovated in 2013, Cabana at the Pointe features wood-style flooring; newer, granite-looking countertops; wood cabinetry and a colorful, tasteful exterior and common area amenities package.
“Cabana at the Pointe represented an exceptional example of a repositioning and renovation play in the Phoenix market, with the foresight to know which location would improve over a relatively short period of time,” said ABI Multifamily Senior Managing Partner Alon Shnitzer, lead broker for the team representing the Seller. “The attractive existing property condition, location and established character of the iconic neighborhood offered an exceptional value and appeal for the Buyer and for both existing and prospective tenants.”
The Buyer is a Colorado-based private investor. The Seller is an investment partnership based in Arizona.
The Seller was represented by the multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick.
ABI Multifamily (https://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.