PRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Closes Apartment Complex in Investor Hot Spot – South Scottsdale
Phoenix, AZ – December 14, 2016 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $1,920,000 sale of the Coronado Apartment Homes, a 22-unit apartment community located in Scottsdale, Arizona.
Coronado is a single-story apartment community comprised of three buildings on a 1.17 acre parcel built in 1968 and renovated in 2002. The property consists of (5) Studio and (17) 2-bed/1-bath units with an average size of 723 square feet. Each unit is individually metered for electricity and equipped with frost-free refrigerators, stove and hood. Built of solid block construction, the property had undergone select exterior capital expenditures.
Coronado Apartment Homes | 8605 East Coronado Road, Scottsdale, AZ 85257 | 22 Units | Built in 1968 | $1,920,000 | $87,273 Per Unit | $125.98 Per SF
The property, located in the South Scottsdale Submarket, is approximately one mile away from both ASU's SkySong and the Papago Plaza/McDowell Corridor redevelopment projects. "With nearly $500M in economic development that has and is occurring along the McDowell Corridor the Coronado Apartment Homes are a terrific repositioning opportunity, especially in light of the property's mid-century build and features," states Nathan Bruer, Vice President at ABI who represented the Buyer. "The Seller," states Ryan Smith, Vice President at ABI who represented the Seller, "purchased the property in 2013 and made select exterior improvements, along with an aggressive re-tenanting strategy. As a result they were able to realize a significant return on capital and allow the Buyers great upside potential through additional property enhancements."
The Seller was a private multifamily partnership based out of California.
The Buyer was a private multifamily partnership based in Arizona.
The Phoenix based ABI Multifamily brokerage team of Royce Munroe, John Klocek, Patrick Burch, Ryan Smith and Nathan Bruer represented both the Seller and 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.