PRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Closes East Phoenix Apartment Complex
Phoenix, AZ – January 10, 2017 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $1,575,000 / $68,478 Per Unit sale of the Cheery Lynn Apartments, a 23-unit apartment community located in Phoenix, Arizona.
Cheery Lynn Apartments | 3120 – 3130 North 39th Street, Phoenix, AZ 85018 | 23 Units | Built in 1967 | $1,575,000 | $68,478 Per Unit | $87.04 Per SF
Cheery Lynn Apartments is a single-story apartment community comprised of nine buildings on two parcels built in 1967. The property consists of (23) 2-bed/1-bath units with an average size of 783 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.
"Cheery Lynn is located in the East Phoenix Submarket which abuts Phoenix's famed Arcadia District and South Scottsdale/North Tempe. In recent years, the area has witnessed tremendous reinvestment and asset repositioning activity by multifamily investors," states Royce Munroe, Vice President at ABI who represented the Buyer. "Given the tremendous construction and economic developments occurring within the North Tempe/University and South Scottsdale submarkets, as a whole, and the property's close proximity to those main economic epicenters, attracted the Buyer to this particular asset. The Buyer intends to completely renovate and reposition the property moving forward."
The Seller was a private multifamily partnership based out of Arizona.
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 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.